To acquire Bailey Corporation stock, Harris Co. pays $60,000 in cash plus $1,500 brokers fees. What entry

Question:

To acquire Bailey stock, Harris Co. pays $60,000 in cash plus $1,500 broker’s fees. What entry should be made for this investment, assuming the stock is readily marketable?

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...