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 Mar. 6 Purchased for cash 3,100 shares of Celeste Inc.'s common stock for $32 per share plus a $124 brokerage commission. Celeste Inc. has 80,000 shares of common stock outstanding. Received dividends of $0.45 per share on Celeste Inc. stock. Purchased 1,400 shares of Celeste Inc. stock for $38 per share plus a $56 brokerage commission. Sold 4,000 shares of Celeste Inc. stock for $41 per share less a $100 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. June 7 July 26 Sept. 25 Received dividends of $0.62 per share on Celeste Inc. stock. At the end of the accounting period, the fair value of the remaining 500 shares of Celeste Inc. stock was $20,720. Dec. 31 July 26 Sold 4,000 shares of Celeste Inc. stock for $41 per share less a $100 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.62 per share on Celeste Inc. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 500 shares of Celeste Inc. stock was $20,720. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. Feb. 2 Investments-Celeste Inc. Stock 99,324 Cash 99,324 Mar. 6 Cash 1,395 Dividend Revenue 1,395 June 7 Investments-Celeste Inc. Stock 53,256 Cash 53,256 Cash II1I. July 26 163,900 Gain on Sale of Investments X 30,340 Investments-Celeste Inc. Stock 133,560 Sept. 25 Cash 310 Dividend Revenue 310 Dec. 31 Valuation Allowance for Equity Investments 20,720 X Unrealized Gain on Equity Investments 20,720 X