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3. Bain Town Raptors was incorporated on Jan. 1, 2016 to produce and sell carnival designs and costumes. The following transactions relate to certain securities
3. Bain Town Raptors was incorporated on Jan. 1, 2016 to produce and sell carnival designs and costumes. The following transactions relate to certain securities acquired by Bain Town Raptors, which has a fiscal year ending on December 31: 2016 Feb. 10. Purchased 8,000 shares of the 150,000 outstanding shares of Island Luck Corporation at $36 per share. The brokerage commission amounted to $864. July 15. Received a cash dividend of $2.25 per share from Island Luck Corporation Dec. 31. The market value of Island Luck shares was $33 per share. 2017 July 26. Sold 1,000 shares of Island Luck for $32 per share. The brokerage commission amounted to $125 Instructions: Journalize the above transactions (Show all workings) [12 points]
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