Jackson Company engaged in the following investment transactions during the current year.
Feb 17 Purchased 500 shares of Medical Company common shares for $20 per share plus a brokerage fee of $100. These are trading securities.
April 1. Bought 30,000 of the 100,000 outstanding shares of Olde Company for $300,000. Goodwill of 80,000 was included in the price.
June 25. Received a $1.20 per share dividend on Medical Company stock.
June 30. Olde Company reported second quarter profits of $20,000.
Oct 1. Purchase 2,000 shares of Alpha Company for $15 per share plus a brokerage fee of $400. These shares are classified as available for sale
Dec 31. Medical Co. shares are selling for $25 and Alpha stock is selling for $12.
Required:
Prepare the appropriate journal entries to record the transactions for the year including year-end adjustments. Show work and calculations.
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