Prepare the journal entries for the following transactions for Morgan Co.July 1Morgan Co. purchased 32,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission.Dec. 31Gordon Corp.'s total earnings for the period are $80,000.31Gordon Corp. paid a total of $45,000 in cash dividends.

Question

Prepare the journal entries for the following transactions for Morgan Co.July 1Morgan Co. purchased 32,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission.Dec. 31Gordon Corp.'s total earnings for the period are $80,000.31Gordon Corp. paid a total of $45,000 in cash dividends.​

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The Answer of Prepare the journal entries for the following transactions for Morgan Co.July 1Morgan Co. purchased 32,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission.Dec. 31Gordon Corp.'s total earnings for the period are $80,000.31Gordon Corp. paid a total of $45,000 in cash dividends.​

Prepare the Journal Entries for the Following Transactions for Morgan