On February 1, Minitori Company purchased 500 ordinary shares (2% ownership) of Becker Company for $30.80 per

Question:

On February 1, Minitori Company purchased 500 ordinary shares (2% ownership) of Becker Company for $30.80 per share. On March 20, Minitori Company sold 100 shares of Becker for $2,850. Minitori received a dividend of $1.00 per share on April 25. On June 15, Minitori sold 200 shares of Becker for $7,310. On July 28, Minitori received a dividend of $1.25 per share.

Instructions
Prepare the journal entries to record the transactions described above.

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...