On April 18, Riley Co. made a short-term investment in 300 common shares of XLT Co. The purchase price is...
On April 18, Riley Co. made a short-term investment in 300 common shares of XLT Co. The purchase price is $42 per share and the broker’s fee is $250. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1 per share from XLT in dividends. Prepare the April 18 and May 30 journal entries to record these transactions.
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