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Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The
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 700 shares of Tett Co.'s stock for $128 per share plus a $308 brokerage commission. May 16 Acquired 1,200 shares of Issacson Co.'s stock for $40 per share plus a $84 commission. July 14 Sold 300 shares of Tett Co. stock for $142 per share less a $92 brokerage commission. Aug. 12 Sold 400 shares of Issacson Co. stock for $32 per share less a $99 brokerage commission. Oct. 31 Received dividends of $0.34 per share on Tett Co. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 400 shares of Tett Co.'s stock was $128.64 per share. The fair value of the remaining 800 shares of Isaacson Co.'s stock was equal to its cost of $40.07 per share. 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. If an amount box does not require an entry, leave it blank. Feb. 24 May 16 July 14 May 16 Investments-Issacson Co. Stock Cash July 14 Cash Gain on Sale of Investments Investments Tett Co. Stock Aug. 12 Cash Loss on Sale of Investments Investments-Issacson Co. Stock Oct. 31 Cash Dividend Revenue Dec. 31 Valuation Allowance for Equity Investments Unrealized Gain on Equity Investments 00 00 000 000 88 000 000 000 00
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