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Journalize the entries for the purchase of stock

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Problem - On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of Edwards Co. common stock at $50 plus commission charges of $120. On June 1, a cash dividend of $1.40 per share was received. On November 12, 4,000 shares were sold at $62 less commission charges of $100. Using the cost method, journalize the entries for (a) the purchase of stock (b) the receipt of dividends, and (c) the sale of 4,000 shares.

Reference no: EM132778740

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