Question
On February 1, Rinehart Company purchased600shares (2% ownership) of Givens Company common stock for $30per share. On March 20, Rinehart Company sold120shares of Givens stock
On February 1, Rinehart Company purchased600shares (2% ownership) of Givens Company common stock for $30per share. On March 20, Rinehart Company sold120shares of Givens stock for $3,480. Rinehart received a dividend of $2.63per share on April 25. On June 15, Rinehart sold240shares of Givens stock for $8,880. On July 28, Rinehart received a dividend of $2per share.
Prepare the journal entries to record the transactions described above.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
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