Question: On March 20 10 000 shares of Thorlite Company are acquired
On March 20, 10,000 shares of Thorlite Company are acquired at a price of $30 per share plus a $250 brokerage fee. On May 30, a $0.25-per-share dividend was received on the Thorlite Company stock. On June 15, 5,000 shares of the Thorlite Company stock were sold for $36 per share less a $200 brokerage fee. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.
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