Manson Incorporated reported investments in trading securities of $60,495 as a current asset on its December 31, 2018, balance sheet. An analysis of Mansons investments on December 31, 2018, reveals the following:
| Equity Security | Cost | Fair Value |
| 400 shares of Turben Company, common | $14,275 | $13,590 |
| 500 shares of Cook Corp. common stock | 12,650 | 13,175 |
| 700 shares of Hill Corp. common stock | 17,450 | 18,180 |
| 200 shares of Web Engines, preferred stock | 19,100 | 15,550 |
| Totals | $63,475 | $60,495 |
During 2019, the following transactions related to Mansons investments occurred:
| Jan. 6 | Received a $265 dividend on the Turben Company common stock. |
| Mar. 31 | Received the semiannual dividend of $500 on the Web Engines preferred stock. The following information is available concerning Mansons investments: |
| Equity Security | Fair Value |
| Turben Company | $13,470 |
| Cook Corp. | 13,765 |
| Hill Corp. | 18,940 |
| Web Engines | 15,500 |
| June 30 | Received a $375 dividend on the Cook Corp. common stock and a $700 dividend on the Hill Corp. common stock. The following information is available concerning Mansons investments: |
| Equity Security | Fair Value |
| Turben Company | $13,300 |
| Cook Corp. | 14,125 |
| Hill Corp. | 19,300 |
| Web Engines | 15,400 |
| July 6 | Sold the Turben Company common stock for $13,750. |
| Sept. 29 | Received the semiannual dividend of $500 on the Web Engines preferred stock. The following information is available concerning Mansons investments: |
| Equity Security | Fair Value |
| Cook Corp. | $14,230 |
| Hill Corp. | 19,500 |
| Web Engines | 15,900 |
| Nov. 2 | Sold the Hill Corp. common stock for $19,780. |
| Dec. 30 | Received a $375 dividend on the Cook Corp. common stock. The following information is available: |
| Equity Security | Fair Value |
| Cook Corp. | $14,280 |
| Web Engines | 16,400 |
Required:
| 1. | Assuming Manson prepares quarterly financial statements, prepare journal entries to record the preceding information. |
| 2. | Show the items of income or loss from investment transactions that Manson reports for each quarter of 2019. |
| 3. | Show how Mansons investments are reported on the balance sheet on March 31, 2019; June 30, 2019; September 30, 2019; and December 31, 2019. |
