McDaniel Corporation manufactures surveying equipment. Journalize the entries to record the following selected equity investment transactions completed by McDaniel during 2019: February 26 Purchased for cash 1,350 shares of Demon Inc. stock for $70 per share plus a $75 brokerage commission. April 16 Received dividends of $0.75 per share on Demon Inc. stock. June 18 Purchased 600 shares of Demon Inc. stock for $68 per share plus a $50 brokerage fee. August 19 Sold 1,500 shares of Demon Inc. stock for $72 per share less a $100 brokerage commission. McDaniel assumes that the first investments purchased are the first investments sold. November 14 Received dividends of $0.44 per share on Demon Inc. stock.
McDaniel Corporation manufactures surveying equipment. Journalize the entries to record the following selected equity investment transactions completed by McDaniel during 2019: February 26 Purchased for cash 1,350 shares of Demon Inc. stock for $70 per share plus a $75 brokerage commission. April 16 Received dividends of $0.75 per share on Demon Inc. stock. June 18 Purchased 600 shares of Demon Inc. stock for $68 per share plus a $50 brokerage fee. August 19 Sold 1,500 shares of Demon Inc. stock for $72 per share less a $100 brokerage commission. McDaniel assumes that the first investments purchased are the first investments sold. November 14 Received dividends of $0.44 per share on Demon Inc. stock.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 8E
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