On September 12, 3,100 shares of Aspen Company are acquired at a price of $40.00 per share plus a $155 brokerage commission. On October 15, a $1.20-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 $34 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.
Homework Answers
Journal entry
| date | General Journal | Debit | Credit |
| Sep 12 | Investment in Aspen Company (3100*40+155) | 124155 | |
| Cash | 124155 | ||
| Oct 15 | Cash (3100*1.2) | 3720 | |
| Dividend revenue | 3720 | ||
| Nov 10 | Cash (1240*34-62) | 42098 | |
| Loss on sale of investment | 7564 | ||
| Investment in Aspen company (124155/3100*1240) | 49662 |
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