Stein Company had the following transactions pertaining to its short-term stock investments. Stein owns more than 20% of the Pine Company stock and has significant influence in decision-making.
Purchased 50,000 shares of Pine Company stock as an investment for $499,750 cash plus brokerage fees of $250. Received cash dividends of $0.25 per share on the Pine Company stock investment. Sold 2,000 shares of the Pine Company stock investment for $220,100 less brokerage fees of $100.
Instructions: Journalize the transctions.