On March 4, Breen Corporation acquired 7,800 shares of the 200,000 outstanding shares of Melton Co. common stock at $41 plus commission charges of $200. On June 15, a cash dividend of $2.20 per share was received. On October 12, 2,600 shares were sold at $46, less commission charges of $160.
Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 2,600 shares. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.