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Prepare journal entries for the transactions

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Reference no: EM132799221

Question - Leon Inc. needs to account for investment transactions during 2008:

Jan. 15 Purchased 100 Bright Corporation common shares, paying $75 per share. Leon Inc. intends to hold the investment for an indefinite period and has classified the investment as available-for-sale investments.

Jun. 30 Received a cash dividend of $1.50 per share on the Bright Corporation common shares.

Dec. 31 In spite of management's intentions, Leon sold the Bright Corporation common shares for $7,260.

Required - Prepare journal entries for the above transactions.

Reference no: EM132799221

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