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110 on february 12 addison inc purchased 6 000 shares of lucas company at 22 per sha 4299021


110. On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee.  On August 22, Lucas paid a $0.42 dividend per share. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee.


Prepare the journal entries for the original purchase, dividend and sale. 



111. On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000.  For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000. 
Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire. 





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