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How dividend revenue and the gain on sale should be reported

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Reference no: EM13552363

Dossett Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Goetz common stock (2%) for $6,000 cash, plus brokerage fees of $200. July 1 Received cash dividends of $1 per share on Goetz common stock. Sept 1 Sold 300 shares of Goetz common stock for $4,400, less brokerage fees of $100. Dec. 1 Received cash dividends of $1 per share on Goetz common stock.

Instructions

(a) Journalize the transactions.

(b) Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.

Reference no: EM13552363

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