Prepare Vikon Company’s journal entries to reflect the following transactions for the current year. May 7 Purchases 200 shares of Felton stock as a short-term investment in available-for-sale...

Prepare Vikon Company’s journal entries to reflect the following transactions for the current year. May 7 Purchases 200 shares of Felton stock as a short-term investment in available-for-sale securities at a cost of $100 per share plus $400 in broker fees. June 6 Sells 200 shares of its investment in Felton stock at $112 per share. The broker’s commission on this sale is $250. View Solution:

Prepare vikon companys journal entries to reflect the following transactions