osker Inc. had the following transactions pertaining to investments in common st

Question

osker Inc. had the following transactions pertaining to investments in common stock.

Jan. 1 Purchased 4,690 shares of Escalante Corporation common stock (5%) for $262,640 cash.
July 1 Received a cash dividend of $5 per share.
Dec. 1 Sold 938 shares of Escalante Corporation common stock for $60,032 cash.
Dec. 31 Received a cash dividend of $5 per share.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date
Account Titles and Explanation
Debit
Credit

Jan. 1
July 1
Dec. 1
Dec. 31

Jan. 1
July 1
Dec. 1
Dec. 31

Jan. 1
July 1
Dec. 1
Dec. 31

Jan. 1
July 1
Dec. 1
Dec. 31

Explanation / Answer

Date Accounts Heads and Explanation Debit Credit Jan 1 Investment in Escalante Corporation Common Stock $262,640 Cash $262,640 July 1 Cash $23,450 Dividend Revenue $23,450 Dec. 1 Cash $60,032 Investment in Escalante Corporation Common Stock $52,528 Earnings on Investment $7,504 Dec. 31 Cash $18,760 Dividend Revenue $18,760

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