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Jackson Company engaged in the following investment transactions during the current year. February 17 Purchased 470 shares of Medical Company common stock for $25 per
Jackson Company engaged in the following investment transactions during the current year.
February 17 | Purchased 470 shares of Medical Company common stock for $25 per share plus a brokerage commission of $50. Jackson does not have significant influence over Medical. |
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April 1 | Bought 27,000 of the 100,000 outstanding shares of Olde Company for $270,000. Goodwill of $77,000 was included in the price. |
June 25 | Received a $1.10 per share dividend on Medical Company stock. |
June 30 | Olde Company reported second-quarter profits of $17,000. |
October 1 | Purchased 1,700 bonds of Alpha Company for $16 per bond plus a brokerage fee of $370. These bonds are classified as securities available-for-sale. |
December 31 | Medical Company shares are selling for $30 and Alpha bonds are selling for $13. |
Required:
Prepare the appropriate journal entries to record the transactions for the year, including year-end adjustments.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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