35) On April 3, Jenny's Store purchased stock in New Company for $36,000, and classified it as a short-term available-for-sale security. On April 28, Jenny's Store received dividends from New Company of $1,250. On June 30, the New Company stock had a fair value of $32,000.
Required:
1.Prepare the journal entries needed to record the transactions. Explanations are not required.
2.What will Jenny's Store report on its income statement for the year ended December 31?
36) On March 1, 2014, Emma's Toy Store purchased Hasbro stock for $33,400, as a short-term available-for-sale security. On April 10, dividends of $1,075 were received from the Hasbro stock. On December 31, 2014, the end of Emma's Toy Store's accounting year, the Hasbro stock had a market value of $34,300. On January 1, 2015, Emma's Toy Store sold all of the Hasbro stock for $35,000.
Required:
Prepare the journal entries needed to record the transactions for 2014 and 2015. Explanations are not required.