Stock Investment Transactions n September 12, 2,400 shares of Aspen Company are

Question

Stock Investment Transactions n September 12, 2,400 shares of Aspen Company are acquired at a price of $57.00 per share plus a $120 rokerage commission. On October tock. On November 10, 960.0 rokerage commission. 15, a $1.20-per-share dividend was received on the Aspen Company 0 shares of the Aspen Company stock were sold for $51 per share less a $48 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 repare the journal entries for the original purchase, the dividend, and the sale under the cost method. Page 2 of3 Sept. 12 Oct. 15 Nov. 10

Explanation / Answer

ASPEN COMPANY General Journal Date Particular Amount (Dr) Amount (Cr) 12-Sep Investment-Aspen Compay Stock $               136,920.00    To Cash $            136,920.00 (2400 shares @ $57 per share)+$120 15-Oct Cash $                    2,880.00     To Dividend Revenue $                 2,880.00 (Being Dividend received 2400 shares @ $1.20 Per share) 10-Nov Cash=(960 Shares @$51-$48) $                  48,912.00 Loss on Sale of Investments $                    5,856.00     To Investments-Aspen Company Stock=($136920*960/2400) $               54,768.00

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