Ellis Transport Company acquired 1.2 million shares of stock in L&K Corporation at $44 per share. They are reported by Ellis at "fair value through net income." Ellis sold 200,000 shares at $46, received a 10% stock dividend, and then later in the year sold another 100,000 shares at $43.

Hint: There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold.

Required:

Prepare journal entries to record these transactions.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).

*3 Journal Entries