10 Nov Investments in StockAtlas Superstores occasionally
Investments in StockAtlas Superstores occasionally finds itself with excess cash to invest and consequently enteredinto the following transactions during 2008:Jan. 15: Purchased 200 shares of Sears common stock at $50 per share, plus $500 in commissions.May 23: Received dividends of $2 per share on the Sears stock.June 1: Purchased 100 shares of Ford Motor Co. stock at $74 per share, plus $300 in commissions.Oct. 20: Sold all of the Sears stock at $42 per share, less commissions of $400.Dec. 15: Received notification from Ford Motor Co. that a $1.50 per share dividend had beendeclared. The checks will be mailed to stockholders on January 10, 2009.RequiredPrepare journal entries on the books of Atlas Superstores during 2008 to record these transactions,including any necessary entry on December 15 when the dividend was declared.
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