On August 1, Cullumber Company buys 1,000 shares of Estrada common stock for $37,000 cash. On December 1, Cullumber sells the stock investments for $40,000 in cash. Journalize the purchase and sale of...

Please answer both questions completely


Extracted text: On August 1, Cullumber Company buys 1,000 shares of Estrada common stock for $37,000 cash. On December 1, Cullumber sells the stock investments for $40,000 in cash. Journalize the purchase and sale of the common stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Date


Extracted text: Sandhill Company owns 25% of Lauer Company. For the current year, Lauer reports net income of $195,000 and declares and pays a $39,000 cash dividend. Record Sandhill's equity in Lauer's net income and the receipt of dividends from Lauer. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record equity in Lauer's net income) Dec. 31 (To record dividends received)