Question
The following equity investment transactions were completed by Vintage Company during a recent year: Apr. 10 Purchased 4,000 shares of Delew Companys common stock for
The following equity investment transactions were completed by Vintage Company during a recent year:
Apr. | 10 | Purchased 4,000 shares of Delew Companys common stock for a price of $52 per share plus a brokerage commission of $105. Delew Company has 240,000 shares of common stock outstanding. |
July | 8 | Received a quarterly dividend of $0.50 per share on the Delew Company investment. |
Sept. | 10 | Sold 1,200 shares for a price of $42 per share less a brokerage commission of $90. |
Dec. | 31 | At the end of the accounting period, the fair value of the remaining 2,800 shares of Delew Companys stock was $51.53 per share. |
Required:
Journalize the entries for these transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your intermediate calculations to two decimal places. When required, round final answers to the nearest dollar. |
Chart of Accounts
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Journal
Journalize the entries for these transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your intermediate calculations to two decimal places. When required, round final answers to the nearest dollar.
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