$7$ Johnson Inc's non$-$strategic investment portfolio at December $31,2022,$ consisted of the following:

$*$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 $1,750$ comnon 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\mathrm{.}50$ per share,

Aug, $14$ Sold the remaining Young Inc, shares at $$33\mathrm{.}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.

Required:

Journalize the above transactions.

Journal entry worksheet

Record the sale of equity investment.

Note: Enter debits before credits.

Analysis Component:

Assume the Allen Corp. shares were sold on January $16,2024,$ for $$384,000.$ Calculate the investment income or loss and select

whether it is unrealized$/$realized$?$