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Example: A corporation purchases $50,000 of XYZ company stock, and sells it for $65,000 five years later. The brokerage fee is equal to $750, and another $250 is used for administrative expenses. What entry is necessary to record this transaction?
Entry: debit - Cash 64,000
credit - Investment in XYZ Company Stock 50,000
- Gain on of Investments 14,000
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