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Stock Investment Transactions On September 12, 3,100 shares of Aspen Company are acquired at a price of $47.00 per share plus a $155 brokerage
Stock Investment Transactions On September 12, 3,100 shares of Aspen Company are acquired at a price of $47.00 per share plus a $155 brokerage commission. On October 15, a $1.10-per-share dividend was received on the Aspen Company stock. On November 10, 1,240.00 shares of the Aspen Company stock were sold for $42 per share less a $62 brokerage commission. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Sept. 12 Investments-Aspen Company Stock Cash 145,855 145,855 Oct. 15 Cash Dividend Revenue Nov. 10 Cash 3,410 3,410 52,018 Loss on Sale of Investments 20,909.5 X Investments-Aspen Company Stock 72,927.5 x Feedback Check My Work When recording the purchase of the investment, consider the amount of the brokerage commission. Record the revenue earned. When recording the cash received, consider the brokerage fee. To complete the entry determine and gain or loss to be recorded.
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