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Problem - Entries for stock investments, dividends, and sale of stock
Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year:
Feb. 24. Acquired 2,000 shares of Tett Co. stock for $80 per share plus a $200 brokerage commission.
May 16. Acquired 2,000 shares of Issacson Co. stock for $40 per share plus a $100 commission.
July 14. Sold 500 shares of Tett Co. stock for $100 per share less a $50 brokerage commission.
Aug. 12. Sold 1,000 shares of Issacson Co. stock for $34 per share less an $80 brokerage commission.
Oct. 31. Received dividends of $0.30 per share on Tett Co. stock.
Journalize the entries for these transactions under the fair value method.
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