### How dividend revenue and the gain on sale should be reported

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##### Reference no: EM13552363

Dossett Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Goetz common stock (2%) for \$6,000 cash, plus brokerage fees of \$200. July 1 Received cash dividends of \$1 per share on Goetz common stock. Sept 1 Sold 300 shares of Goetz common stock for \$4,400, less brokerage fees of \$100. Dec. 1 Received cash dividends of \$1 per share on Goetz 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.

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