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Stone Company had the following transactions pertaining to short-term investments in equity securities.



5. Stone Company had the following transactions pertaining to short-term investments in equity securities.


Jan. 1 Purchased 1,500 shares of Quayle Company stock for $9,150 cash plus brokerage fees of $300.

June 1 Received cash dividends of $.50 per share on Quayle Company stock.

Sept. 15 Sold 400 shares of Quayle Company stock for $2,500 less brokerage fees of $100.

Dec. 1 Received cash dividends of $.50 per share on Quayle Company stock


Instructions
(a) Journalize the transactions.
(b) Indicate the income statement effects of the transaction

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