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Prepare journal entries for the given transactions

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Reference no: EM131735995

Problem - Black, Inc. management occasionally invests idle cash in stocks that are not intended to be held long term.

Management treats these investments as trading securities.

1/5/2015 Purchased 2,500 shares of Eversilver Corporation common stock, which constitutes less than 10% of the outstanding shares of the company for $54.00 per share cash plus a total broker commission of $200.

6/15/2015 Received a cash dividend of $1.50 per share.

12/15/2015 Received a cash dividend of $1.60 per share.

12/31/2015 The market value of the stock is $60 per share as of year end, and a commission of $200 would apply to sell the shares.

1/22/2016 Sold 1,000 shares of Eversilver Corporation common stock for $62 per share minus $120 commission.

Instructions: Prepare Journal entries for the above transactions.

Reference no: EM131735995

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