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In January 2022, the management of Sandhill Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred. Jan. 1 Feb. 1 Mar. 1 July 1 Purchased 70 $1,000,8% TRC bonds for $70,000. Interest is payable annually on December 31. Purchased 1,085 shares of LAF common stock for $46,655. Purchased 480 shares of NCL common stock for $17,760. Received a cash dividend of $0.80 per share on the LAF common stock. Sold 212 shares of LAF common stock at $42 per share. Received $2 per share cash dividend on the NCL common stock. Received the annual interest on the TRC bonds. Sold the TRC bonds for $78,138. Aug. 1 Sept. 1 Dec. 31 31 At December 31, the fair values of the LAF and NCL common stocks were $39 and $30 per share, respectively. These stock investments by Sandhill Company provide less than a 20% ownership interest. Jan. 1 Debt Investments 70,000 Cash Feb. 1 Stock Investments 46,655 Cash Mar. 1 Stock Investments 17,760 Cash July 1 Cash 868 Dividend Revenue Aug. 1