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3. Shelley Corporation bought 1,000 shares of Cole Inc. for $100 per share plus a brokerage fee of $1100. Three months later, the shares were
3. Shelley Corporation bought 1,000 shares of Cole Inc. for $100 per share plus a brokerage fee of $1100. Three months later, the shares were sold for $110 per share. The brokerage fee on the sale was $1,200. Required: (1.) Prepare the appropriate journal entry to record the purchase of the stock. 2.) Prepare the appropriate journal entry to record the sale of the stock
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