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Pharoah Park Company had these transactions pertaining to stock investments Feb. 1 June 1 Oct. 1 Dec. 1 Purchased 5600 shares of Sheridan Company (10%)
Pharoah Park Company had these transactions pertaining to stock investments Feb. 1 June 1 Oct. 1 Dec. 1 Purchased 5600 shares of Sheridan Company (10%) for $100800 cash. Received cash dividends of $1 per share on Sheridan stock. Sold 2600 shares of Sheridan stock for 52000. Received cash dividends of $2 per share on Sheridan stock. The entry to record the purchase of the Sheridan stock would include a credit to the Stock Investments account for $100800. debit to the Stock Investments account for $100800. debit to Investment Expense for $1120. credit to Cash for $101920
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