Jan. 1 Purchased 2,560 shares of Angeltide Corporation common stock (5%) for $14
ID: 2497580 • Letter: J
Question
Jan. 1 Purchased 2,560 shares of Angeltide Corporation common stock (5%) for $143,360 cash plus $2,660 broker’s commission. July 1 Received a cash dividend of $2 per share. Dec. 1 Sold 512 shares of Angeltide Corporation common stock for $32,768 cash, less $766 broker’s commission. Dec. 31 Received a cash dividend of $2 per share. Jan. 1 Purchased 2,560 shares of Angeltide Corporation common stock (5%) for $143,360 cash plus $2,660 broker’s commission. July 1 Received a cash dividend of $2 per share. Dec. 1 Sold 512 shares of Angeltide Corporation common stock for $32,768 cash, less $766 broker’s commission. Dec. 31 Received a cash dividend of $2 per share.Explanation / Answer
Date
Account Titles and Explanations
Debit
Credit
January 1
Trading Securities
Cash
(purchase of 2560 shares of Angeltide Corporation)
146,020
146,020
July 1
Cash
Dividend Income
(receipt of cash dividend of $2 on 2560 shares held in Angeltide Corporation)
5,120
5,120
December 1
Cash
Trading Securities
Gain on sale of trading securities
(being the sale of 512 shares in Angeltide corporation)
32,002
29,204
2,798
December 31
Cash
Dividend Income
(cash dividend of $2 on 2048 shares of Angeltide corpn)
4,096
4,096
Date
Account Titles and Explanations
Debit
Credit
January 1
Trading Securities
Cash
(purchase of 2560 shares of Angeltide Corporation)
146,020
146,020
July 1
Cash
Dividend Income
(receipt of cash dividend of $2 on 2560 shares held in Angeltide Corporation)
5,120
5,120
December 1
Cash
Trading Securities
Gain on sale of trading securities
(being the sale of 512 shares in Angeltide corporation)
32,002
29,204
2,798
December 31
Cash
Dividend Income
(cash dividend of $2 on 2048 shares of Angeltide corpn)
4,096
4,096
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