Prepare the sale under the cost method

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Problem 1: On September 12, 2,400 shares of Aspen Company are acquired at a price of $39.00 per share plus a $120 brokerage commission. On October 15, a $1.10-per-share dividend was received on the Aspen Company stock. On November 10, 960.00 shares of the Aspen Company stock were sold for $34 per share less a $48 brokerage commission. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.

Sept. 12                                  Investments-Aspen Company Stock dr 9370

                                                  Cash                                                                                                  cr 9370

Oct. 15                                        Cash                                                                                                   dr  2640

                                                 Dividend Revenue                                                                                    cr 2640

Nov. 10                                       Cash dr                                                                                                    32,592

                                              Loss on Sale of Investments                                                                             (?)

                                               Investments-Aspen Company Stock                                                                   (?)

Reference no: EM132459703

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