Journal entries to apply the market value method for long-term investments in securities. The following information summarizes data about the long-term minority, passive investments in securities of Randle Company for its first two years of operations. Randle Company classifies these investments as Securities Available for Sale.

Prepare journal entries to account for these investments in securities during Year 1 and Year 2 using the market value method.

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Market Value Security Date Acquired Acquisition Date Cost Sold Selling Price Dec. 31, Year 1 Dec. 31, Year 2 M.. N 4/10/Year 1 $ 37,000 10/15/Year 2 $43,000 $ 35,000 7/11/Year 1 31,000 9/29/Year 1 94,000 $162,000 38,000 45,000 87,000 89,000 $160,000 $134,000 Randle Company received dividends on December 31 of each year as follows: Security M N ... Year 1 Year 2 $1,500 1,400 $1,600 5,000 4,000