Johnson Inc.'s non-strategic investment portfolio at December 31, 2019, consisted of the following: Debt and Equity Investments" 10,800 Xavier Corp. common shares Cost $176,580 85,800 42,400 Fair Value $156,600 1,650 Young Inc. common shares 128,000 Zed Corp. common shares "The fair value adjustments were recorded on December 31, 2019. 81,840 38,000 Johnson had no other debt and equity investments at December 31, 2019, other than those shown above. During 2020, Johnson engaged in the following transactions: 2020 Jan.17 Sold 1,150 common shares of Young Inc. for $55,200. Johnson Inc. planned to hold these shares for less than one year. Mar. 3 Purchased 5,800 common shares of Allen Corp. for $348,000. The shares represent a 30% ownership in Allen Corp. June 7 Received dividends from Allen Corp. at the rate of $3.30 per share.. Aug.14 Sold the remaining Young Inc. shares at $32.30. Nov.28 Purchased a 5% ownership in Davis Corp. by acquiring 10,800 common shares at a total of $96,120. Johnson Inc, will sell these shares in six to nine months. Dec.30 Sold 10,800 shares of Xavier Corporation for $172,800. Dec.31 Allen Corp. announced a net profit of $284,000 for the year. Required: Journalize the above transactions. View transaction list Journal entry worksheet 2 3 4 5 6 7 Record the sale of equity investment. Note: Enter debits before credits. Date Jan 17, 2020 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 5 6 7 Record the purchase of 30% interest for $348,000. Note: Enter debits before credits. Date Mar 03, 2020 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 Record the collection of dividends from strategic investment. Note: Enter debits before credits.. Date Jun 07, 2020 General Journal Debit Credit Journal entry worksheet < 2 3 4 5 6 7 Record the sale of equity investment. Note: Enter debits before credits. Date Aug 14, 2020 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 Record the purchase of 10,800 shares. Note: Enter debits before credits. Date Nov 28, 2020 General Journal Debit Credit View general journal Journal entry worksheet < 2 3 4 5 Record the sale of 10,800 shares. Note: Enter debits before credits. Date Dec 30, 2020 6 7 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 Record the share of profits in investment in associate. Note: Enter debits before credits. Date Dec 31, 2020 General Journal Debit Credit View general journal Clear entry Record entry