Prepare Westwind Corporation journal entries

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Reference no: EM133069421

Question - Westwind Corporation purchased 400 common shares of Dudley Inc. for $13,200 on February 21. Westwind paid a 1% commission on the share purchase and, because the shares were not publicly traded, decided to account for them following the cost model. On June 30, Dudley declared and paid a cash dividend of $1.50 per share.

Prepare Westwind Corporation's journal entries to record

-The purchase of the investment,

-The dividends received, and

-The sale of the Dudley Inc. shares in early January the following year for $15,100 less a 1% commission paid on the sale.

Reference no: EM133069421

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