Business, 28.06.2021 15:30, valeriegarcia12

On March 1, Parnell Industries purchased 2 million Platinum Gems, Inc. common shares for $124 million in cash. Parnell also paid $2 million in brokerage fees and commissions to complete the purchase. These shares represent 10% of the outstanding common stock of Platinum. Required:
Prepare the appropriate journal entry to record this transaction.

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On March 1, Parnell Industries purchased 2 million Platinum Gems, Inc. common shares for $124 millio...