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Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2017. On March

Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2017.

  1. On March 22, purchased 770 shares of RIP Company stock at $27 per share plus a(n) $250 brokerage fee. These shares are categorized as trading securities.
  2. On September 1, received a $2 per share cash dividend on the RIP Company stock purchased in transaction a.
  3. On October 8, sold 385 shares of RIP Co. stock for $37 per share, less a(n) $240 brokerage fee.

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