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3. On November 19, 20x7, Lassen Company purchased 30,000 shares of JCN Corporation stock for $480,000,...

3. On November 19, 20x7, Lassen Company purchased 30,000 shares of JCN Corporation stock for $480,000, and 10,000 shares of Canoga Corporation stock for $250,000. Lassen's management intends to hold all 40,000 shares for a short period of time. On December 31, 20x7, the price of JCN's stock was $13 per share, and the price of the Canoga stock was $30 per share. Finally, on January 27, 20x8, Lassen sold all 10,000 shares of Canoga stock for $320,000. In the journal form, prepare Lassen's entries for November 19, December 31, and January 27.

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ekkarill92 answered 1 year ago
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