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Make the journal entries on the books of Ayayai

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Question - On July 7, Ayayai Ltd. purchased 1,000 common shares in a privately-owned company named TWR Ltd. As the TWR shares were not traded on any stock exchange, Ayayai elected to account for the investment using the cost method. The price of the shares was $7.45 per share, plus a 2% commission charged by the broker who arranged the purchase. On September 1, TWR Ltd. declared dividends of $0.20 per share, paid on September 30. On November 15, Ayayai sold 800 of the shares for $8.00 per share; again, there was a 2% commission on the sale. Make the journal entries on the books of Ayayai to record the above transactions.

Reference no: EM133021246

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