Cooper Inc had these transactions pertaining to investments in common stock Jan 1 Purchased 1,200 shares of Gate Corporation common stock (5 of outstanding shares) for $59,200 cash July 1 Received a cash dividend of $7 per share Dec 1 Sold 900 shares of Gate Corporation common stock for $47,200 cas...

Jan 1 Stock Investments 59200 Cash 59200 July 1 Cash ...

Cooper Inc. had these transactions pertaining to investments in common stock: Jan. 1 Purchased 1,200 shares of

Question:

Cooper Inc. had these transactions pertaining to investments in common stock:
Jan. 1 Purchased 1,200 shares of Gate (5% of outstanding shares) for $59,200 cash.
July 1 Received a cash of $7 per share.
Dec. 1 Sold 900 shares of Gate for $47,200 cash.
31 Received a cash of $7 per share.
Instructions
Journalize the transactions.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...