Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Acquired 700 shares of Tett Co.'s stock for $156 per share plus a $196 brokerage commission. Acquired 2,200 shares of Issacson Co.'s stock for $38 per share plus a $352 commission. Feb. 24 May 16 July 14 Aug. 12 Sold 300 shares of Tett Co. stock for $173 per share less a $112 brokerage commission. Sold 800 shares of Issacson Co. stock for $30 per share less a $93 brokerage commission. Received dividends of $0.42 per share on Tett Co. stock. Oct. 31 Dec. 31 At the end of the accounting period, the fair value of the remaining 400 shares of Tett Co.'s stock was $156.48 per share. The fair value of the remaining 1,400 shares of Isaacson Co.'s stock was equal to its cost of $38.16 per share. Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. If an amount box does not require an entry leave it ank Feb. 24 May 16 July 14- Aug. 12 Print Item Oct. 31 Dec. 31
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Acquired 700 shares of Tett Co.'s stock for $156 per share plus a $196 brokerage commission. Acquired 2,200 shares of Issacson Co.'s stock for $38 per share plus a $352 commission. Feb. 24 May 16 July 14 Aug. 12 Sold 300 shares of Tett Co. stock for $173 per share less a $112 brokerage commission. Sold 800 shares of Issacson Co. stock for $30 per share less a $93 brokerage commission. Received dividends of $0.42 per share on Tett Co. stock. Oct. 31 Dec. 31 At the end of the accounting period, the fair value of the remaining 400 shares of Tett Co.'s stock was $156.48 per share. The fair value of the remaining 1,400 shares of Isaacson Co.'s stock was equal to its cost of $38.16 per share. Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. If an amount box does not require an entry leave it ank Feb. 24 May 16 July 14- Aug. 12 Print Item Oct. 31 Dec. 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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