July 1 Morgan Co. purchased 32,000 shares of the total of 100,000 outstanding shares of...
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July 1 Morgan Co. purchased 32,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission. December 31 Gordon Corp.'s total earnings for the period are $80,000. December 31 Gordon Corp. paid a total of $45,000 in cash dividends. Required: Prepare the journal entries for the above transactions for Morgan Co. Refer to the Chart of Accounts for exact wording of account titles.
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