Jackson Company engaged in the following investment transactions during the current year.

Feb 17 Purchased 500 shares of Montclair Company common stock for $20 per share plus a brokerage commission of $150. These are trading securities.

April 1 Bought 30,000 of the 100,000 outstanding shares of New Company for $300,000. Goodwill of $80,000 was included in the price.

June 25 Received $1.25 per share dividend on Montclair Company stock.

June 30 New Company reported second-quarter profits of $60,000.

Oct 1 Purchased 2,000 shares of Alphonso Company for $18 per share plus a brokerage fee of $500. These shares are classified as securities available for sale.

Dec 31 Montclair Company shares are selling for $32 and Alphonso stock is selling for $12.

Required: Prepare the appropriate journal entries to record the transactions for the year including year-end adjustments for Jackson Company. Show calculations.