On august 15 2014 cubs corp purchases 5000 shares of common, Accounting Basics

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On august 15 2014 cubs corp purchases 5000 shares of common

Investment in Stock

On August 15, 2014, Cubs Corp. purchases 5,000 shares of common stock in Sox Inc. at a market price of $15 per share. In addition, Cubs pays brokerage fees of $1,000. On October 20, 2014, Cubs sells the Sox stock for $10 per share.

Required

Prepare all necessary entries on Cubs's books in connection with the investment beginning with the purchase of the common stock on August 15, 2014, and the sale on October 20, 2014.

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Accounting Basics: On august 15 2014 cubs corp purchases 5000 shares of common

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