Prepare Hertog Company’s journal entries to reflect the following transactions for the current year. May 7 Purchases 200 shares of Kraft stock as a short- term investment in available-for- sale securities at a cost of $ 50 per share plus $ 300 in broker fees. June 6 Sells 200 shares of its investment in Kraft stock at $ 56 per share. The broker’s commission on this sale is $ 150.View Solution:
Prepare Hertog Company s journal entries to reflect the following transactions

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