Connor Company accounts for equity investments where they have less than 20% ownership using the cost method. When Connor Company has 20% to 50% ownership, the equity method is used. Record the journal entries for the following available for sale investments, using the appropriate method.

Jan 1 : Purchased 1,000 of the 10,000 outstanding shares of Jackson, Inc. for $30 per share, plus a brokerage commission of $200.

Mar 18: Purchased 4,000 of the 12,000 outstanding shares of Arnold, Inc. for $18 per share, plus a brokerage commission of $180.

Jun 30: Received a dividend from Jackson, Inc. of $0.75 per share.

Aug 31: Received a dividend from Arnold, Inc. of $1.15 per share.

Dec 31: Jackson, Inc. reported net income of $120,000 for the year. Arnold, Inc. reported net income of $90,000 for the year.

Jan 8: Sold 400 shares of Jackson, Inc. for $28 per share, less a brokerage commission of $80.

Jan 20: Sold 1,000 shares of Arnold, Inc. for $27 per share, less a brokerage commission of $60.