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 classi- fies these investments as Securities Available for Sale.

Date Acquired Acquisition Cost Date Sold Selling Price Market Value Security Dec. 31, Year 1 Dec. 31, Year 2 M

4/10/Year 1 $ 37,000 10/15/Year 2 $43,000 $ 35,000

—

N 7/11/Year 1 31,000 38,000 45,000 0 9/29/Year 1 94,000

$162,000 87,000

$160,000 89,000 Randlc Compan) received dividends on December 31 of each year as follows:
Security Year 1 Year 2 M N 0 $1,500 —
1,400 $1,600 5,000 4,000 Prepare journal entries to account for these investments in securities during Year 1 and Year 2 using the market value method.