On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145 brokerage commission. On April 12, a $0.50-per-share dividend was received on the Tolle Company stock. On June 10, 5,700 shares of the Tolle Company stock were sold for $31 per share less a $120 brokerage commission.
Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.
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On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145 b...
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