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Q3. Prepare the journal entries for the following transactions for Remote Co. July 1 Morgan Co. purchased 42,000 shares of the total of 100,000 outstanding

Q3. Prepare the journal entries for the following transactions for Remote Co. July 1 Morgan Co. purchased 42,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $18 per share plus a $200 commission. Dec. 31 Gordon Corp.'s total earnings for the period are $150,000. 31 Gordon Corp. paid a total of $23,000 in cash dividends.

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