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Prepare journal entries for the transactions

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Question - In early 2017, Kalkay Inc. found itself with idle cash that it decided to invest in the shares of another business. The following events transpired in 2017 and 2018:

2017

Jan 23 Kalkay Inc. purchased 3,000 shares in Tiodnaci Corporation at 20.00 per share and paid a brokerage fee of $1,200. This investment was classified as a short-term investment.

Nov. 15 A dividend of $0.60 per share was received on the Tiodnaci Corporation shares.

Dec. 31 This is the end of the fiscal year for Kalkay Inc. On this date the Tiodnaci Corporation shares were worth 18.50 per share.

2018

Jan. 27 Kalkay Inc. sold 1,000 Tiodnaci Corporation shares for 21.00 per share.

Mar 30 A dividend of $1.20 per share was received on the Tiodnaci Corporation shares.

Jun. 30 Kalkay Inc. sold all of the remaining Tiodnaci Corporation shares for 18.00 per share.

Required - Prepare journal entries for the above transactions.

Reference no: EM132270372

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