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Investment in Stock On October 1, 2010, Chicago Corp. purchases 1,000 shares of the preferred stock of Denver Corp. for $40 per share. Chicago pays another $1,000 in commissions. On October 20, 2010, Denver declares and pays a dividend of $1 per share. Chicago sells the stock on November 5, 2010, at a price of $45 per share.
Required
Identify and analyze all transactions on Chicago's books in connection with its investment, beginning with the purchase of the preferred stock on October 1, 2010; the dividend received on October 20, 2010; and the sale on November 5, 2010.
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