Prepare Riley Company’s journal entries to record the following transactions for the current year. Apr. 18 Purchases 300 common shares of XLT Co. as a short-term investment at a cost of $42 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1 per share from XLT in dividends.
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Prepare Riley Company’s
Apr. 18 Purchases 300 common shares of XLT Co. as a short-term investment at a cost of $42 per share.
With this stock investment, Riley has an insignificant influence over XLT.
May 30 Receives $1 per share from XLT in dividends.
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