Ayayi Corp. acquired 5300 shares of Mandrake Corp. on july 1, 2021 at $8 per share. There is no quoted market price for Mandrake's shares as it is a private company. Ayayi reports under ASPE and has elected to account for the investment using cost method. On sep 1st, Mandrake declared and paid a $ 0.60 per share dividend and on Dec 31, Ayayi sells the shares at $6 per share.

** prepare the journal entries to record the above transactions **

Ayayal Corp. acquired 5,300 shares of Mandrake Corp. on July 1, 2021 at $8 per share. There is no quoted market price for Mandrake's shares as it is a private company, Ayayat reports under ASPE and has elected to account for the investment using the cost method. On September 1, Mandrake declared and paid a $0.60 per share dividend and on December 31, Ayayai els the shares at $5 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date December 31