Problem 3 Spring Inc. had the following transactions pertaining to investments in common stock....
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Accounting
Problem 3
Spring Inc. had the following transactions pertaining to investments in common stock.
Jan. 1 Purchased 2,500 shares of Angel Corporation common stock (5% for $140,000 cash plus $2,100 brokers commission.
July 1 Received cash dividend of $3 per share.
Dec. 31 Sold 500 shares of Angel Corporation common stock for $32,000 cash, less $800 brokers commission.
Dec. 31 Received a cash dividend of $3 per share.
Instructions
Journalize the transactions.
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