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How dividend revenue and the gain on sale should be reported

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Reference no: EM132134578

Question - Feb.1 Purchased 1,200 shares of BJ common stock (2% of outstanding shares) for $8,400.July1Received cash dividends of $2 per share on BJ common stock.Sept.1Sold 500 shares of BJ common stock for $5,400.Dec.1Received cash dividends of $1 per share on BJ common stock.

Instructions

(a) Journalize the transactions.

(b) Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.

Reference no: EM132134578

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