Question: On March 10 Fly Corporation acquired 6 000 shares of the

On March 10, Fly Corporation acquired 6,000 shares of the 140,000 outstanding shares of Dickson Co. common stock at $32 plus commission charges of $240. On July 23, a cash dividend of $1.40 per share was received. On November 22, 2,400 shares were sold at $38, less commission charges of $200.
Using the cost method, journalize the entries for
(a) The purchase of stock,
(b) The receipt of dividends,
(c) The sale of 2,400 shares.

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  • CreatedFebruary 28, 2014
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