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Journal entries

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On November 19, 2007, Albatross Corporation purchased 30,000 shares of ABC Corporation stock for $480,000, and 10,000 shares of Milken Corporation stock for $250,000. The Albatross Corporation's management intends to hold all 40,000 shares for a short period of time. On December 31, 2007, the price of ABC Corporation's stock was $13. per share, and the price of Milken Corporation stock was #30. per share. Finally, on January 27, 2008, Albatross Corporation sold all 10,000 shares of ABC Corporation's for $320,000.

In Microsoft Excel format, please prepare a journal with Albatross's entries for November 19, December 31, and January 27.

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Solution Summary

The solution explains the journal entries relating to trading securities.

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