Prepare the journal entries required to record transaction

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Reference no: EM13108892

Q. Jackson Industry engaged in the subsequent investment transactions during the current year.

Feb. 17 Purchased 500 shares of Medical Industry common for $20 per share plus a brokerage commission of $100; these are classified as trading securities.

Apr. 1 Bought 30,000 of the 100,000 outstanding shares of Olde Industry for $300,000.

Jun. 25 received a $1.20 per share dividend on Medical Industry stock.

Jun. 30 Olde Industry reported second quarter profits of $20,000.

Oct. 1 Purchased 2,000 shares of Alphan industry for $15 per share plus a brokerage fee of $400; these are classified as available for sale.

Dec. 31 Medical Industry shares are selling for $25 per share and Alphan industry shares are selling for $12 per share.

Required:

Prepare the journal entries required to record the transactions for the year including year-end adjustments in proper format

Reference no: EM13108892

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