On February 1, Minitori Company purchased 200 shares (2% ownership) of Becker Company common stock for $30 per share plus brokerage fees of $420. On March 20, Minitori Company sold 40 shares of Becker stock for $1,160, less a $31 brokerage fee. Minitori received a dividend of $2 per share on April 25. On June 15, Minitori sold 80 shares of Becker stock for $2,960, less a $51 brokerage fee. On July 28, Minitori received a dividend of $3 per share. Prepare the journal entries to record the transactions described above.

On February 1, Minitori Company purchased 200 shares (2% ownership) of Becker Company common stock for $30 per share plus brokerage fees of $420. On March 20, Minitori Company sold 40 shares of Becker stock for $1,160, less a $31 brokerage fee. Minitori received a dividend of $2 per share on April 25. On June 15, Minitori sold 80 shares of Becker stock for $2,960, less a $51 brokerage fee. On July 28, Minitori received a dividend of $3 per share.

Prepare the journal entries to record the transactions described above.



Explanation

February 1		Cash	=	[(200 x $30) + $420]	=	$6,420
March 20		Cash	=	($1,160 – $31)	=	$1,129
		Stock Investments	=	($6,420 x 40/200)	=	$1,284
April 25		Cash	=	(160 x $2)	=	$320
June 15		Cash	=	($2,960 – $51)	=	$2,909
		Stock Investments	=	($6,420 x 80/200)	=	$2,568
July 28		Cash	=	(80 x $3)	=	$240