1. Acquisition of Shares

On June 1 Eastern Corporation acquired 75,000 shares of 250,000 share of Southern Corp for a price of $9,000,000. Southern reported net income on June 30 of $500,000 and paid dividends of $1.20 per share. Journalize the following using correct dates:

a.date of acquisition of the shares

b.date of reporting Net Income

c.date of Dividend Distribution

2. On February 3, Adair Corporation acquired 1,500 shares of 40,000 shares of TZ Co. common stock at $60.50 plus commission charges of $510. On August 13^th, a cash dividend of $1 per share was paid by TZ. On November 15^th, 500 shares were sold at $62 less commission of $275. Journalize the following using correct dates.

1. Purchase of the stock
2. The receipt of Dividends
3. The sale of the 500 shares