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Prepare the journal entries for the original purchase

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Question - On February 12, Paddison, Inc. purchased 60,000 shares of Spell Company at $42 per share plus a $280 brokerage fee. This purchase represents less than 20% ownership of Spell Company. On August 22, Spell paid a dividend per share of $0.89. On November 10, 40,000 shares of Spell stock were sold for $48 per share less a $160 brokerage fee. Prepare the journal entries for the original purchase, dividend, and sale.

Reference no: EM132560444

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