Krogstad Corporation bought 1,000 shares of Cole Inc. for $90 per share plus a brokerage fee of

Question:

Krogstad Corporation bought 1,000 shares of Cole Inc. for $90 per share plus a brokerage fee of $1,800. Three months later, the shares were sold for $110 per share. The brokerage fee on the sale was $2,200.

Required:

Prepare the journal entry required to record the sale of the stock in proper format (show all calculations for partial credit review).

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...