Question - ABC Corporation purchased 50,000 shares of XYZ Corporation at $11 per share. This investment does not represent significant ownership in xyz and was made with the intent of short-term trading profits. Prepare the journal entries for the following scenarios:
a. Original purchase of shares.
b. XYZ Corporation declared and paid dividends of $0.50 per share.
c. The stock price of xyz closed at $13 at the end of the year.