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Jackson Company engaged in the following investment transactions during the current year Feb. 17 Purchased 570 shares of Medical Company common stock for $25 per
Jackson Company engaged in the following investment transactions during the current year Feb. 17 Purchased 570 shares of Medical Company common stock for $25 per share plus a brokerage Commission of 550. Jackson does not have significant influence over Medical April 1 Bought 37.000 of the 100,000 outstanding shares of Olde company for $370,000. Goodwill of $87,000 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 $27,000 Oct. 1 Purchased 2,700 bonds of Alpha Company for $16 per bond plus a brokerage fee of $470. These bands are classified as securities available for sale. Dec. 31 Medical Co. 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 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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