Krogstad Corporation bought 1,000 shares of Cole Inc.for $90 per share plus a brokerage fee of $1,800.Three months later,the shares were sold for $110 per share.The brokerage fee on the sale was $2,200.
Required:
(1. )Prepare the appropriate journal entry to record the purchase of the stock.
(2. )Prepare the appropriate journal entry to record the sale of the stock.

Question

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The Answer of Krogstad Corporation bought 1,000 shares of Cole Inc.for $90 per share plus a brokerage fee of $1,800.Three months later,the shares were sold for $110 per share.The brokerage fee on the sale was $2,200.
Required:
(1. )Prepare the appropriate journal entry to record the purchase of the stock.
(2. )Prepare the appropriate journal entry to record the sale of the stock.

Krogstad Corporation Bought 1,000 Shares of Cole Inc