Mr. Ts Fashions, once a direct competitor to Italian Stallions clothing line, has formed a friendship in recent years leading to a small investment (less than 5%) by Mr. T in the common stock of Italian Stallion. Mr. Ts engages in the following transactions relating to its investment.

February		1		Purchases 200 shares of Italian Stallion common stock for $14.90 per share.
June		15		Sells 60 shares of Italian Stallion stock for $11.80 per share.
October		31		Receives a cash dividend of $0.55 per share.
December		31		The fair value of Italian Stallions stock is $9.80 per share.

Required: 1. Record each of these transactions, including an adjustment on December 31 for the investments fair value, if appropriate. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

1. Record the purchase of common stock.

Date	General Journal	Debit	Credit
February 01

2. Record the sale of investments.

Date	General Journal	Debit	Credit
June 15

3. Record the receipt of cash dividends.

Date	General Journal	Debit	Credit
October 31

4. Record adjusting entry of investments to fair value.

Date	General Journal	Debit	Credit
December 31

2. Calculate the balance of the Investments account on December 31.

	Investments, December 31