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help asap please On March 24, 2018, Tom Company purchased 10,000 shares of Molly Inc. stock for $12 per share and paid a $2,000 commission
help asap please
On March 24, 2018, Tom Company purchased 10,000 shares of Molly Inc. stock for $12 per share and paid a $2,000 commission fee. At the time of the purchase, Molly Inc had 100,000 shares outstanding. On July 31, 2018, Molly declared and paid a dividend of $1.50 per share. The closing price on Molly's stock on December 31, 2018 was $10 per share. Tom sold all 10,000 shares of its Molly's Inc. stock on February 1, 2019 for $15 per share on the date of the sale, Tom's journal entry to record the transaction would include: Select one: ba a debit to Gain on the sale of Investment for $150,000 ba debit to Investment in Molly Inc. for $100,000 ca credit to Investment in Molly inc. for $50,000 d. a credit to Gain on the sale of investment for $50,000 e a debit to Gain on the sale of Investment for $50,000 Step by Step Solution
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