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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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