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Prepare the journal entries for each of the transactions

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Question - During December of the current year, James Company acquired some of the 49,100 outstanding shares of the common stock, par $15, of Andrew Corporation as available-for-sale investments. The accounting period for both companies ends December 31.

Dec 2 Purchased 6,330 shares of Andrew common stock at $33 per share.

Dec 15 Andrew Corporation declared and paid a cash dividend of $3 per share.

Dec 31 Determined the current market price of Andrew stock to be $29 per share.

Prepare the journal entries for each of the following transactions that occurred during the current year.

Reference no: EM131644558

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