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Suppose that on June 1 , 2 0 2 2 , COST purchased 2 4 0 , 0 0 0 shares of Bilifon Inc. for

Suppose that on June 1,2022, COST purchased 240,000 shares of Bilifon Inc. for $158 a share (this represented a 4% stake in the company). At the end of the fiscal year, August 28,2022, Bilifons stock price was $152. On September 13, COST sold 40,000 shares at a price of $156 a share. Provide the journal entries COST would record on June 1,2022, August 28,2022, and September 13,2022.

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