Entries for Investment in Stock, Receipt of Dividends, and Sale of Shares

On February 17, Asher Corporation acquired 7,200 shares of the 250,000 outstanding shares of Dan Co. common stock at $23.80 plus commission charges of $1,440. On July 11, a cash dividend of $1.10 per share was received. On December 4, 2,400 shares were sold at $29, less commission charges of $288.

In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

a. Using the cost method, journalize the entry for the purchase of stock. a. Feb. 17