On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of Edwards Co. common stock at $50 plus commission charges of $120. On June 1,a cash dividend of $1.40 per share was received. On November 12, 4,000 shares were sold at $62 less commission charges of $100. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 4,000 shares.
On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of Edwards Co. common stock at $50 plus commission charges of $120. On June 1,a cash dividend of $1.40 per share was received. On November 12, 4,000 shares were sold at $62 less commission charges of $100. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 4,000 shares.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 10EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share...
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On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of Edwards Co. common stock at $50 plus commission charges of $120. On June 1,a cash dividend of $1.40 per share was received. On November 12, 4,000 shares were sold at $62 less commission charges of $100. Using the cost method,
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