Investment in Stock On August 15, 2008, Cubs Corp. purchases 5,000 shares of common stock in Sox… 1 answer below »

Investment in Stock On August 15, 2008, Cubs Corp. purchases 5,000 shares of common stock in Sox… 1 answer below »

Investment in Stock

On August 15, 2008, Cubs Corp. purchases 5,000 shares of common stock in Sox Inc. at a market

price of $15 per share. In addition, Cubs pays brokerage fees of $1,000. On October 20, 2008, Cubs

sells the Sox stock for $10 per share.

Required

Prepare all necessary entries on Cubs’s books in connection with the investment beginning with

the purchase of the common stock on August 15, 2008 and the sale on October 20, 2008.

 

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