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Ellis transport company acquired

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1. Ellis Transport Company acquired 1.2 million shares of stock in L&K Corporation at $44 per share. They are classified by Ellis as "available for sale." Ellis sold 200,000 shares at $46, received a 10% stock dividend, and then later in the year sold another 100,000 shares at $43.

Required:

Prepare journal entries to record these transactions. 

Reference no: EM131001786

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Ellis transport company acquired : Ellis Transport Company acquired 1.2 million shares of stock in L&K Corporation at $44 per share.
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