Please Do not Give image format On February 12, Addison, Inc., purchased 6,000 shares of Lucas Company at $22 per share plus a $240brokerage fee. This purchase represents less than 20% ownership of Lucas Company. On August 22,Lucas paid a dividend per share of $0.42. On November 10, 4,000 shares of Lucas stock were sold for $28per share less a $160 brokerage fee. Journalize the entries for the original purchase, dividend, and sale. Ifan amount box does not require an entry, leave it blank.Feb.12Aug.22Nov.10CashDividend RevenueGain on Sale of InvestmentsInvestments-Lucas CompanyStockLoss on Sale of InvestmentsCashDividend RevenueGain on Sale of InvestmentsInvestments-Lucas CompanyStockLoss on Sale of InvestmentsCashDividend RevenueGain on Sale of InvestmentsInvestments-Lucas CompanyStockLoss on Sale of InvestmentsCashDividend RevenueGain on Sale of InvestmentsInvestments-Lucas CompanyStockLoss on Sale of InvestmentsCashDividend RevenueGain on Sale of InvestmentsInvestments-Lucas CompanyStockLoss on Sale of InvestmentsCashDividend Revenue Dividends PayableGain on Sale of InvestmentsLoss on Sale ofInvestmentsCashDividends Payablelnvestments-Lucas Company StockLoss on Sale ofInvestmentsSupplies- Select- Select- Select- SelectSelect- Select- Select- Select- Select- Select- Select- Select- Select- Select

The ownership is having less than 20% which is through the purchase of shares and any brokerage paid…

On February 12, Addison, Inc., purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. This purchase represents less than 20% ownership of Lucas Company. On August 22, Lucas paid a dividend per share of $0.42. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee.Journalize the entries for the original purchase, dividend, and sale. If an amount box does not require an entry, leave it blank.

On February 12, Addison, Inc., purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. This purchase represents less than 20% ownership of Lucas Company. On August 22, Lucas paid a dividend per share of $0.42. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee.Journalize the entries for the original purchase, dividend, and sale. If an amount box does not require an entry, leave it blank.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 28E

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