Question
McDaniel Corporation manufactures surveying equipment. Journalize the entries to record the following selected equity investment transactions completed by McDaniel during 2015: February 26: Purchased for
McDaniel Corporation manufactures surveying equipment. Journalize the entries to record the following selected equity investment transactions completed by McDaniel during 2015:
February 26: Purchased for cash 1,100 shares of Demon Inc. stock for $73 per share plus a $75 brokerage commission.
April 16: Received dividends of $0.55 per share on Demon Inc. stock. June 18 Purchased 500 shares of Demon Inc. stock for $68 per share plus a $50 brokerage fee.
August 19: Sold 1,250 shares of Demon Inc. stock for $75 per share less a $100 brokerage commission. McDaniel assumes that the first investments purchased are the first investments sold.
November 14: Received dividends of $0.44 per share on Devon Inc. stock.
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