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Prepare the journal entries for the original purchase

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Question - Stock Investment Transactions

On January 23, 17,000 shares of Tolle Company are acquired at a price of $24 per share plus a $180 brokerage commission. On April 12, a $0.30-per-share dividend was received on the Tolle Company stock. On June 10, 6,600 shares of the Tolle Company stock were sold for $31 per share less a $125 brokerage commission.

Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.

Reference no: EM132597104

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