First National Bank buys and sells securities. The company's fiscal year ends on December 31. The following selected transactions relating to First National's trading account occurred during the year. December 20 Purchases 300,000 shares in Classic Computers common stock for $1,500,000 ($5 per share). December 28 Receives cash dividends of $6,000 from the Classic Computers shares. December 31 The fair value of classic Computers' stock is $4.Bo per share. Required: 1. Record each of these transactions, including an adjustment on December 31 for the investment's fair value, if appropriate. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 1 3 Record the purchase of common stock. Note Enter debits before credits Date General Journal Debit Credit December 20 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the receipt of cash dividends. Note: Enter debits before credits Date December 28 General Journal Debit Credit Record entry Clear entry View general Journal entry is required for a particular Sactontevent, View transaction list Journal entry worksheet 1 2 N 3 Record adjusting entry of investments to fair value. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal