Problem 3

Spring Inc. had the following transactions pertaining to investments in common stock.

Jan. 1 Purchased 2,500 shares of Angel Corporation common stock (5% for $140,000 cash plus $2,100 brokers commission.

July 1 Received cash dividend of $3 per share.

Dec. 31 Sold 500 shares of Angel Corporation common stock for $32,000 cash, less $800 brokers commission.

Dec. 31 Received a cash dividend of $3 per share.

Instructions

Journalize the transactions.