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

Feb. 17

Purchased 420 shares of Medical Company common for $20 per share plus a brokerage commission of $100. These are trading securities.

April 1

Bought 22,000 of the 100,000 outstanding shares of Olde Company for $220,000. Goodwill of $72,000 was included in the price.

June 25

Received a $1.20 per share dividend on Medical Company stock.

June 30

Olde Company reported second-quarter profits of $12,000.

Oct. 1

Purchased 1,200 shares of Alpha Company for $15 per share plus a brokerage fee of $320. These shares are classified as securities available for sale.

Dec. 31

Medical Co. shares are selling for $25 and Alpha stock is selling for $12.

Required:

Prepare the appropriate journal entries to record the transactions for the year including year-end adjustments