On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share...
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Accounting
On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. This purchase represents less than 20% ownership of Lucas Company. On August 22, Lucas paid a dividend per share of $0.42. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee.
Required:
Prepare the journal entries for the original purchase, dividend, and sale. If an amount box does not require an entry, leave it blank.
Feb. 12
Aug. 22
Nov. 10
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