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Stein Company had the given transactions pertaining to its short-term stock investments. Stein owns more than 20% of the Pine Company stock and has noteworthy affect in decision-making. 

Jan 1: Purchased 50,000 shares of Pine Company stock as the investment for $499,750 cash plus brokerage fees of $250. 

June 1: Received cash dividends of $0.25 per share on Pine Company stock investment. 

Sept 15: Sold 2,000 shares of the Pine Company stock investment for $220,100 less brokerage fees of $100. 

Instructions: 

Journalize the transactions. 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M915967

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