Prepare the journal entries for the original purchase

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Question 1: On February 12, Paddison, Inc. purchased 6,000 shares of Spell Company at $22 per share plus a $240 brokerage fee. This purchase represents less than 20% ownership of Spell Company. On August 22, Spell paid a dividend per share of $0.42. On November 10, 4,000 shares of Spell stock were sold for $28 per share less a $160 brokerage fee. Prepare the journal entries for the original purchase, dividend, and sale.

Reference no: EM132544347

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