Equity Investments: Less than $20\%$ ownershipEntries for Equity Investments: Less than $20\%$ Ownership

On February $22,$ Triangle Corporation acquired $34,000$ shares of the $500,000$ outstanding common stock of Jupiter

Co$.$ at $$25$ plus commission charges of $$680.$ On June $1,$ a cash dividend of $$1\mathrm{.}70$ per share was received. On

November $12,7,000$ shares were sold at $$31$ less commission charges of $$100.$ At the end of the accounting

period on December $31,$ the fair value of the remaining $27,000$ shares of Jupiter Company's stock was $$25\mathrm{.}52$ per

share.

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

answers to the nearest dollar.

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. $22$

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 $1$

c$.$ Using the cost method, journalize the entry for the sale of $7,000$ shares. If an amount box does not require an

entry, leave it blank.

Nov. $12$

$?$

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. $31$

On September $12,3,500$ shares of Denver Company's common stock are acquired at a price of $$32$ per share plus a $$175$

brokerage commission. On October $15,$ an $$1\mathrm{.}20-$per$-$share dividend was received on the Denver Company stock. On November

$10,1,400$ shares of the Denver Company stock were sold for $$25$ per share less a $$70$ brokerage commission. At the end of the

accounting period on December $31,$ the fair value of the remaining $2,100$ shares of Denver Company's stock was $$24$ per

share. Denver Company has $350,000$ shares of common stock outstanding.

Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. If an

amount box does not require an entry, leave it blank.

Sep. $12$

Oct. $15$

Nov. $10$

Dec. $31$