Cost method-journalize the entries for purchase of stock

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On march 10, fly corporation acquired 6,000 shares of the 140,000 outstanding shares of Dickson co., common stock at $32 plus commission charges of $240. On july 23, a cash dividend of $1.40 per share was received. On November 22, 2,400 shares were sold at $38, less commission charges of $200. Using the cost method, journalize the entries for (a.) the purchase of stock (b.) the receipt of dividends and (c.) the sale of 2,400 shares.

Reference no: EM13777522

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Cost method-journalize the entries for purchase of stock : On march 10, fly corporation acquired 6,000 shares of the 140,000 outstanding shares of Dickson co., common stock at $32 plus commission charges of $240. On july 23, a cash dividend of $1.40 per share was received. On November 22, 2,400 shares were s..

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