On February 12, Addison, Inc purchased 6,000 shares of Lucas Company at 22 per share plus a 240 brokerage fee On August 22, Lucas paid a 0 42 dividend per share On November 10, 4000 shares of Lucas stock sold for 28 per share less a 160 brokerage fee Prepare the journal entries for the original pur...

Date Accounts title and explanation Debit Credit 12 Feb Inv ...

On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at 22 per share plus a

Question:

On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at 22 per share plus a 240 brokerage fee.
On August 22, Lucas paid a 0.42 per share.
On November 10, 4000 shares of Lucas stock sold for 28 per share less a 160 brokerage fee.
Prepare the journal entries for the original purchase, and sale.
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...