Entries for equity investments: less than 20% ownership

Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method.

Feb. 2	Purchased for cash 950 shares of Celeste Inc.s common stock for $52 per share plus a $475 brokerage commission. Celeste Inc. has 90,000 shares of common stock outstanding.
Mar. 6	Received dividends of $0.20 per share on Celeste Inc. stock.
June 7	Purchased 600 shares of Celeste Inc. stock for $59 per share plus a $300 brokerage commission.
July 26	Sold 1,100 shares of Celeste Inc. stock for $63 per share less a $550 brokerage commission. Quan assumes that the first investments purchased are the first investments sold.
Sept. 25	Received dividends of $0.30 per share on Celeste Inc. stock.
Dec. 31	At the end of the accounting period, the fair value of the remaining 450 shares of Celeste Inc. stock was $30,275.

If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar.

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