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Question
Journalize the following transactions for Morgan Co.:
| July 1 | Morgan Co. purchased 32,000 of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission. |
| Dec. 31 | Gordon Corp.'s total earnings for the period are $80,000. |
| 31 | Gordon Corp. paid a total of $45,000 in cash dividends. |
Answer
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