Emmitt, Walter, and Barry form a company named Long Run Investments, with the intention of investing in stocks with great long-run potential. A clothing company named National League Gear looks like a great investment prospect. National League Gear has two classes of stock authorized: 6%, $30 par preferred and $5 par value common. Long Run Investments has the following transactions during the year. None of the investments are large enough to exert a significant influence. Assume that the securities are available-for-sale securities.

February 2		Purchases 1,000 shares of National League Gears common stock for $28 per share.
February 4		Purchases 500 shares of National League Gears preferred stock for $25 per share.
July 15		Sells 300 shares of National League Gears common stock for $33 per share.
November 30		Receives a cash dividend on National League Gears common stock of $1.00 per share and preferred stock of $1.20 per share.
December 31		The fair value of the common and preferred shares equal $24 and $23, respectively.

Required:

1.	Record each of these investment transactions. (Hint: Preferred stock transactions are recorded like common stock transactions, but preferred stock has no voting rights and therefore ownership provides no influence.)