Investments in Stock Atlas Superstores occasionally finds itself with excess cash to invest and… 1 answer below »

Investments in Stock

Atlas Superstores occasionally finds itself with excess cash to invest and consequently entered

into the following transactions during 2008:

Jan. 15: Purchased 200 shares of Sears common stock at $50 per share, plus $500 in commissions.

May 23: Received dividends of $2 per share on the Sears stock.

June 1: Purchased 100 shares of Ford Motor Co. stock at $74 per share, plus $300 in commissions.

Oct. 20: Sold all of the Sears stock at $42 per share, less commissions of $400.

Dec. 15: Received notification from Ford Motor Co. that a $1.50 per share dividend had been

declared. The checks will be mailed to stockholders on January 10, 2009.

Required

Prepare journal entries on the books of Atlas Superstores during 2008 to record these transactions,

including any necessary entry on December 15 when the dividend was declared.