Investments

On February 1, Rinehart Company purchased 500 shares (2% ownership ) of Givens company common stock for $32 per shares. On March 20, Rinehart Company sold 100 shares of Givens stock for $2,900. Rinehart received a divided of $1.00 per share on April 25. On June 15, Rinehart sold 200 shares of Givens stock for $7,600. On July 28, Rinehart received a divided of $1.25 per shares.

Instructions

Prepare the journal entries to record the transactions described above.

Solution