Entries for equity investments: less than $20\%$ ownership

On February $22,$ Triangle Corporation acquired $3,400$ shares of the $120,000$ outstanding common stock of Jupiter Co$.$ at $$27\mathrm{.}85$ plus commission charges of $$510.$ On June $1,$ a cash dividend of $$0\mathrm{.}45$ per share was received. On November $12,1,100$ shares were sold at $$34$ less commission charges of $$132.$ At the end of the accounting period on December $31,$ the fair value of the remaining $2,300$ shares of Jupiter Company$$s stock was $$28\mathrm{.}50$ per share.

In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

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a$.$ Using the cost method, journalize the entry for the purchase of stock. If an amount box does not require an entry, leave it blank.

Feb. $22$

Investments$-$Jupiter Co$.$ Stock

Cash

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a$.$ When recording the purchase of the investment, consider the amount of the brokerage commission.

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b$.$ Using the cost method, journalize the entry for the receipt of dividends. If an amount box does not require an entry, leave it blank.

June $1$

Cash

Dividend Revenue

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b$.$ Record the revenue earned.

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c$.$ Using the cost method, journalize the entry for the sale of $1,100$ shares. If an amount box does not require an entry, leave it blank.

Nov. $12$

Cash

Gain on Sale of Investments

Investments$-$Jupiter Co$.$ Stock

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c$.$ When recording the cash received, consider the commission. To complete the entry determine and gain or loss to be recorded.

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d$.$ Using the cost method, journalize the entry for the change in fair value. If an amount box does not require an entry, leave it blank.

Dec. $31$

Valuation Allowance for Equity Investments

Unrealized Gain on Equity Investments

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Partially correct

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Partially correct