$=$In January $2022,$ the management of Sheridan 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.

At December $31,$ the fair values of the LAF and NCL common stocks were $$37$ and $$33$ per share, respectively. These stock

investments by Sheridan Company provide less than a $20\%$ ownership interest.

$($a$)$

a$)$

Your answer is partially correct.

Journalize the above transactions. $($Record journal entries in the order presented in the problem. Credit account titles are automatically

indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter Ofor

the amounts.$)$