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On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $140 brokerage commission. On April 12,
On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $140 brokerage commission. On April 12, a $0.35-per-share dividend was received on the Tolle Company stock. On June 10, 5,200 shares of the Tolle Company stock were sold for $31 per share less a $115 brokerage commission.
Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
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