The following equity investment transactions were completed by Romero Company during a recent year:
| Apr. | 10 | Purchased 3,800 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $120. |
| July | 8 | Received a quarterly dividend of $0.90 per share on the Dixon Company investment. |
| Sept. | 10 | Sold 1,200 shares for a price of $41 per share less a brokerage commission of $90. |
Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Journal entry
| date | account and explanation | debit | credit |
| Apr 10 | Stock investment (3800*49+120) | 186320 | |
| Cash | 186320 | ||
| (TO record investment) | |||
| July 8 | Cash (3800*.9) | 3420 | |
| Dividend revenue | 3420 | ||
| (To record dividend) | |||
| Sep 10 | Cash (1200*41-90) | 49110 | |
| Loss on sale of stock investment | 9728 | ||
| stock investment (186320/3800*1200) | 58838 | ||
| (To record share sale) | |||
The following equity investment transactions were completed by Romero Company during a recent year: Apr. 10...