Santos Company had following transactions pertaining to short-term investments in equity securities.
Jan. 1 bought 1,500 shares of Quinn Company stock for $9,250 cash plus brokerage fees of $300.
June 1 Received cash dividends of $.30 per share upon Quinn Company stock.
Sept. 15 Sold 400 shares of Quinn Company stock for $2,500 less brokerage fees of $100.
Dec. 1 Received cash dividends of $.75 per share on Quinn Company stock.
Required:
(a) Journalize the transactions.
(b) Point out the income statement effects of the transactions.