problem 1 solution

Problem 1 On January 23,10,000 shares of Tolle Company are acquired at a price of $30 per share plus a $100 brokerage commission. On April 12 , a $0.50-per-share dividend was received on the Tolle Company stock. On June 10,4,000 shares of the Tolle Company stock were sold for $34 per share less a $100 brokerage commission. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method