On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. This purchase represents less than 20% ownership of the Lucas Company. 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.

Required:
Prepare the journal entries for the original purchase, dividend, and sale. Refer to the Chart of Accounts for exact wording of account titles.

Following journal entries for the original purchase, dividend, and sales are:

February 12,

Cost for Investment is Recorded [(6000 × 22) + 240] = 132240

Debit: Investment in Equity = 132240

Credit: Cash =132240

August 22,

Dividend Received (6000 × 0.42) = 2520

Debit: Cash = 2520

Credit: Dividend Income = 2520

November 10,

Debit: Cash [(4000 × 28) - 160) = 111840  

Credit: Investment in Equity [132240 × 4000 / 6000] = 88160

Credit: Gain on Sale of Investment = 23680

answer a is correct answer

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )