Johnson Inc.'s non-strategic investment portfolio at December 31, 2019, consisted of the following: Debt and Equity Investments* 10,400 Xavier Corp. common shares 1,450 Young Inc. common shares 124,000 Zed Corp. common shares Cost $170,040 75,400 41,200 Fair Value $150,800 71,920 36,800 *The fair value adjustments were recorded on December 31, 2019. 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 950 common shares of Young Inc. for $45,600. Johnson Inc. planned to hold these shares for less than one year. Mar. 3 Purchased 5,400 common shares of Allen Corp. for $324,000. The shares represent a 30% ownership in Allen Corp. June 7 Received dividends from Allen Corp. at the rate of $2.90 per share. Aug.14 Sold the remaining Young Inc. shares at $31.90. Nov. 28 Purchased a 5% ownership in Davis Corp. by acquiring 10,400 common shares at a total of $92,560. Johnson Inc. will sel these shares in six to nine months. Dec. 30 Sold 10,400 shares of Xavier Corporation for $166,400. Dec. 31 Allen Corp. announced a net profit of $282,000 for the year. Required: Journalize the above transactions. View transaction list Journal entry worksheet 1 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 < Prev 10 of 10 Next Analysis Component Assume the Allen Corp. shares were sold on January 16, 2021, for $368,000 Calculate the investment income or loss and select whether it is unrealized/realized? D