On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. On August 22, Lucas paid a $0.42 dividend per share. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee. The journal entry for the sale would include: Solution c. A debit to Cash for $112,000. .

1. On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a
$240 brokerage fee. On August 22, Lucas paid a $0.42 dividend per share. On November 10,
4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee. The journal
entry for the sale would include:
a. A debit to Cash for $111,840.
b. A credit to Loss on Sale for $23,680.
c. A debit to Cash for $112,000.
d. A credit to Investments for $112,000.
Solution
c. A debit to Cash for $112,000.