Question

on March 4 Breen corporation acquired 7500 share

Instructions On March 4, Breen Corporation acquired 7,500 shares of the 200,000 outstanding shares of Melton Co. common stock at $40 plus commission charges of $175. On June 15, a cash dividend of $2.10 per share was received. On October 12, 3,000 shares were sold at $46, less commission charges of $175. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 3,000 shares. Refer to the Chart of Accounts for exact wording of account titles.

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