On March 4, Breen Corporation acquired 7,500 shares of the 200,000 outstanding shares of Melton Co common stock at $40 plus commission charges of $175 On June 15, a cash dividend of $2 10 per share was received On October 12, 3,000 shares were sold at $46, less commission charges of $175 Using the ...

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On March 4, Breen Corporation acquired 7,500 shares of the 200,000 outstanding shares of Melton Co. common

Question:

On March 4, Breen acquired 7,500 shares of the 200,000 outstanding shares of Melton Co. at $40 plus commission charges of $175. On June 15, a cash of $2.10 per share was received. On October 12, 3,000 shares were sold at $46, less commission charges of $175.
Using the cost method, journalize the entries for
(a) The purchase of stock,
(b) The receipt of dividends,
(c) The sale of 3,000 shares.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...