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Record the entries related to the schaefer stock

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Question - In 2020, Cottrell purchased 2,000 shares of stock in Schaefer Corporation for $50,000 when the stock was selling for $25 per share. Schaefer is one of Cottrell's suppliers and Cottrell hope to solidify a long-term relationship between the companies with the stock purchase. During 2021, Schaefer's net income was $170,000 and the stock was selling for $32 per share at the end of 2021. Cottrell received $1,400 in dividends from Schaefer on this investment. Schaefer has a total of 8,300 shares of common stock outstanding. Record the entries related to the Schaefer stock in 2021.

Reference no: EM133150902

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