Intermediate Accounting: E12-3 Shott Farm Supplies Corporation purchased

Intermediate Accounting

E12-3 Purchase and sale of investment securities
Shott Farm Supplies Corporation purchased 800 shares of General Motors stock at $50 per share and paid a brokerage fee of $1,200. Two months later, the shares were sold for $53 per share. The brokerage fee on the sale was $1,300.

Required:
Prepare entries for the purchase and the sale.
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