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Jackson Company engaged in the following investment transactions during the current year. Feb. 17 Purchased 490 shares of Medical Company common stock for $15 per
Jackson Company engaged in the following investment transactions during the current year.
Feb. | 17 | Purchased 490 shares of Medical Company common stock for $15 per share plus a brokerage commission of $150. Jackson does not have significant influence over Medical. | ||
April | 1 | Bought 29,000 of the 100,000 outstanding shares of Olde Company for $290,000. Goodwill of $79,000 was included in the price. | ||
June | 25 | Received a $1.30 per share dividend on Medical Company stock. | ||
June | 30 | Olde Company reported second-quarter profits of $19,000. | ||
Oct. | 1 | Purchased 1,900 bonds of Alpha Company for $14 per bond plus a brokerage fee of $390. These bonds are classified as securities available for sale. | ||
Dec. | 31 | Medical Co. shares are selling for $20 and Alpha stock is selling for $11. |
Required: Prepare the appropriate journal entries to record the transactions for the year including year-end adjustments.
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