Johnson Inc.'s non-strategic investment portfolio at December 31, 2016, consisted of the following: Debt and Equity Investments 1.00 xavier Corporation comon shares Cost $191,295 109,200 45,100 Fair Value $169,650 104,160 40,700 2,100 Young Inc. common shares 137,000 Zed Corp. common shares The fair value adjustments were recorded on December 31, 2016 Johnson had no other debt and equity investments at December 31, 2016, other than those shown above. During 2017, Johnson engaged in the following transactions: 2017 Jan. 17 Sold 1,600 common shares of Young Inc. for $76,800. Johnson Inc. planned to hold these shares for less than one year. 3 Purchased 6,700 com mon shares of Allen Corp. for $402,000. The shares represent a 30% ownership in Allen Corp Received dividends from Allen Corp. at the rate of $4.20 per share Sold the remaining Young Inc. shares at $33.20. Purchased a 5% ownership in Davis Corp. by acquiring 11,700 common shares at a total of $104,130. Johnson Inc. will sell these shares in six to nine months Mar. June 7 Aug. 14 Nov. 28 Dec. 30 Sold 11,700 shares of Xavier Corporation for $187,200. Dec. 31 Allen Corp. announced a net profit of $288,500 for the year. Required: Journalize the above transactions. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.)