On March 13, Android Corporation acquired 4,500 shares of the 100,000 outstanding Tannis Inc. common shares at

Question:

On March 13, Android acquired 4,500 shares of the 100,000 outstanding Tannis Inc. common shares at $32 per share plus brokerage fees of $250. On August 16, a cash of $1.20 per share was received. On December 8, 1,500 shares were sold at $39 per share, less brokerage fees of $115.
Record the entries for
(a) The purchase of shares,
(b) The receipt of dividends,
(c) The sale of 1,500 shares. These shares were classified as held-for-trading investments.
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...