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Kinney purchased 100 shares of Martin Corporations common stock for $85 per share September 30, 2021. Martin has a total of 500 shares of common
Kinney purchased 100 shares of Martin Corporations common stock for $85 per share September 30, 2021. Martin has a total of 500 shares of common stock outstanding. Most of that stock is held by Ken Martin, the founder and CEO of the company. On December 15, Kinney received $1,000 in dividends from Martin. On December 31, Martins stock was selling for $83 per share but Kinney has no intentions of selling the stock anytime in foreseeable future. Martins 2021 net income was $570,000.
How to record as a journal entry?
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