Prepare the journal entries for transactions

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Reference no: EM131811804

PROBLEM 1: ABC Co. purchased 1,000 shares of XYZ for $23 each this year and classified the investment as a trading security. ABC sold 400 shares of the stock for $24 each. At year end the price per share of the XYZ Company had increased to $26.

Instructions: Prepare the journal entries for these transactions and any year-end adjustments.

Reference no: EM131811804

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