Johnson Inc.'s non-strategic investment portfolio at December 31, 2022, consisted of the following: Debt and Equity...

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Johnson Inc.'s non-strategic investment portfolio at December 31, 2022, consisted of the following: Debt and Equity Investments* 12,000 Xavier Corp. common shares Cost $196,200 117,000 46,000 Fair Value $174,000 2,250 Young Inc. common shares 140,000 Zed Corp. common shares 111,600 41,600 *The fair value adjustments were recorded on December 31, 2022. Johnson had no other debt and equity investments at December 31, 2022, other than those shown above. During 2023, Johnson engaged in the following transactions: 2023 Jan. 17 Sold 1,750 common shares of Young Inc. for $84,000. Johnson Inc. planned to hold these shares for less than one year. Mar. 3 Purchased 7,000 common shares of Allen Corp. for $420,000. The shares represent a 30% ownership in Allen Corp. June 7 Received dividends from Allen Corp. at the rate of $4.50 per share. Aug. 14 Sold the remaining Young Inc. shares at $33.50. Nov. 28 Purchased a 5% ownership in Davis Corp. by acquiring 12,000 common shares at a total of $106,800. Johnson Inc. will sell these shares in six to nine months. Dec.30 Sold 12,000 shares of Xavier Corporation for $192,000. Dec. 31 Allen Corp. announced a net profit of $290,000 for the year. Required: Journalize the above transactions. View transaction list Johnson Inc.'s non-strategic investment portfolio at December 31, 2022, consisted of the following: Debt and Equity Investments* 12,000 Xavier Corp. common shares Cost $196,200 117,000 46,000 Fair Value $174,000 2,250 Young Inc. common shares 140,000 Zed Corp. common shares 111,600 41,600 *The fair value adjustments were recorded on December 31, 2022. Johnson had no other debt and equity investments at December 31, 2022, other than those shown above. During 2023, Johnson engaged in the following transactions: 2023 Jan. 17 Sold 1,750 common shares of Young Inc. for $84,000. Johnson Inc. planned to hold these shares for less than one year. Mar. 3 Purchased 7,000 common shares of Allen Corp. for $420,000. The shares represent a 30% ownership in Allen Corp. June 7 Received dividends from Allen Corp. at the rate of $4.50 per share. Aug. 14 Sold the remaining Young Inc. shares at $33.50. Nov. 28 Purchased a 5% ownership in Davis Corp. by acquiring 12,000 common shares at a total of $106,800. Johnson Inc. will sell these shares in six to nine months. Dec.30 Sold 12,000 shares of Xavier Corporation for $192,000. Dec. 31 Allen Corp. announced a net profit of $290,000 for the year. Required: Journalize the above transactions. View transaction list