Johnson Inc.'s non-strategic Investment portfolio at December 31, 2019, consisted of the following: Debit and Equity InvestmeILLY 10,000 Xavier Corp. common shares Cnet $163,500 45.500 45,066 Pate Valon $145,000 1,250 Young The common shares 120,000 e Corp. common shares "The fair value adjustments were recorded on December 31, 2019 62.000 35,400 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 Bold 750 common shares of Young Inc. for $36,000. Johnson Inc. planned to hold these shares for less than . Har. Purchased 3,600 common shares of Allen Corp. for $300,000. The shares represent a 30% ownership in Allen C June 7 Received dividends from Alles Corp. at the rate of $2.50 per share. Aug.14 Bold the remaining Young Inc. shares at $31.50. Nov. 28 Purchased a 5% ownership in Davis Corp. by acquiring 10,000 common shares at a total of $89,000. Johnson will sell these shares in six to nine months. Dec. 30 Sold 10,000 shares of Xavier Corporation for $160,000. Dec. 31 Allen Corp. announced a net profit of $280,000 for the year. Required: Journalize the above transactions. View transaction list Journal entry worksheet 7