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The following events are for Toronto Investment Inc.: 2020 Jan. 14 Purchased 18,440 shares of Quatro Inc. conmon shares for $167,900. Quatro has 92,200 common
The following events are for Toronto Investment Inc.: 2020 Jan. 14 Purchased 18,440 shares of Quatro Inc. conmon shares for $167,900. Quatro has 92,200 common shares outstanding and has acknowledged the fact that its policies will be significantly influenced by Toronto Oct. 1 Quatro declared and paid a cash dividend of $3.70 per share. Dec. 31 Quatro announced that profit for the year amounted to $661,000. 2021 April 1 Quatro declared and paid a cash dividend of $3.80 per share. Dec. 31 Quatro announced that profit for the year amounted to $744,100 31 Toronto sold 7,100 shares of Quatro for $109,820. 40 Required: Prepare general journal entries to record each transaction (Round per share calculations to 2 decimal places. Round your final answers to the nearest dollar.)
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