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Nagen Company had these transactions pertaining to stock investments: Feb. 1 Purchased 3,000 shares of Horton Company (10%) for $49,800 cash plus brokerage fees of
Nagen Company had these transactions pertaining to stock investments: Feb. 1 Purchased 3,000 shares of Horton Company (10%) for $49,800 cash plus brokerage fees of $1,200. June 1 Received cash dividends of $2 per share on Horton stock. Oct. 1 Sold 1,200 shares of Horton stock for $24,000 less brokerage fees of $600. The entry to record the sale of the stock would include: a. debit to Cash for $24,000. b. credit to Gain on Sale of Stock Investments for $1,200. c. debit to Stock Investments for $20,400. d. credit to Gain on Sale of Stock Investments for $3,000
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