2.) Entries for Stock Investments, Dividends, and Sale of Stock

Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year:

Feb. 24	Acquired 1,000 shares of Tett Co. stock for $85 per share plus a $150 brokerage commission.
May 16	Acquired 2,500 shares of Issacson Co. stock for $36 per share plus a $100 commission.
July 14	Sold 400 shares of Tett Co. stock for $100 per share less a $75 brokerage commission.
Aug. 12	Sold 750 shares of Issacson Co. stock for $32.50 per share less an $80 brokerage commission.
Oct. 31	Received dividends of $0.40 per share on Tett Co. stock.

Journalize the entries for these transactions.

In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.

3.) On January 2, Yorkshire Company acquired 40% of the outstanding stock of Fain Company for $500,000. For the year ended December 31, Fain earned income of $140,000 and paid dividends of $50,000.

Journalize the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.

Feb. 24 May 16 July 14 II III III Aug. 12 Oct. 31 Jan. 2 - Purchase Investment in Fain Company Stock Cash Dec. 31 - Income Dec. 31 - Dividends