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Prepare the journal entries for the following transactions for Dundar Mifflin: Dundar Mifflin purchased 1,200 shares of the total of 100,000 outstanding shares of Steve

Prepare the journal entries for the following transactions for Dundar Mifflin:

Dundar Mifflin purchased 1,200 shares of the total of 100,000 outstanding shares of Steve & Company stock for $20.75 per share plus a $70 commission.

Steve & Company total earnings for the period are $84,000.

Steve & Company paid a total of $40,000 in cash dividends to shareholders of record.

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