On april 18 riley co made a short-term investment in 370, Ask an Expert

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On April 18, Riley Co. made a short-term investment in 370 common shares of XLT Co. The purchase price is $49 per share and the broker’s fee is $320. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1.70 per share from XLT in dividends.

Prepare the April 18 and May 30 journal entries to record these transactions.

1. On April 18, Riley Co. made a short-term investment in 370 common shares of XLT Co. The purchase price is $49 per share and the broker’s fee is $320. The intent is to actively manage these shares for profit.

2. On May 30, Riley Co. receives $1.70 per share from XLT in dividends.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91978515

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