Tan Company had these transactions pertaining to stock investments: Feb. 1 Purch

Question

Tan Company had these transactions pertaining to stock investments: Feb. 1 Purchased 3,000 shares of Norton Company (10%) for $48,800 cash plus brokerage fees of $1,400. June 1 Received cash dividends of $2 per share on Norton stock. Oct. 1 Sold 1,200 shares of Norton stock for $24,000 less brokerage fees of $600. The entry to record the purchase of the Norton stock would include a -debit to investment expense 1400 -debit to stock investments for 50200 -debit to stock investments for 48800 -credit to cash for 48800

Explanation / Answer

-debit to stock investments for 50200

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