On March 20, 10,000 shares of Thorlite Company are acquired at a price of $30 per share plus a $250 brokerage fee. On May 30, a $0.25-per-share dividend was received on the Thorlite Company stock. On June 15, 5,000 shares of the Thorlite Company stock were sold for $36 per share less a $200 brokerage fee.
In your computations, round per share amounts to three decimal places. 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.
Mar. 20 - Purchase
May 30 - Dividend
Jun. 15 - Sale
Answers: 2
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On March 20, 10,000 shares of Thorlite Company are acquired at a price of $30 per share plus a $250...
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