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Question
Journalize the following transactions for Batson Co.:
| Sept. 1 | Batson Co. purchased 1,200 of the 100,000 outstanding shares of Michael Corp. stock for $20.75 per share plus a $70 commission. |
| Dec. 31 | Michael Corp.’s total earnings for the period are $84,000. |
| 31 | Michael Corp. paid a total of $40,000 in cash dividends to shareholders of record. |
Answer
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