Show the journal entries for the purchase

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Reference no: EM1311121

Journal entries for the purchase and the sale of shares.

Shott Farm Supplies Corporation purchased 800 shares of General Motors stock at $50 per share and paid a brokerage fee of $1,200. Two months later, the shares were sold for $53 per share. The brokerage fee on the sale was $1,300. Prepare entries for the purchase and the sale.

Reference no: EM1311121

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