On February 22, Triangle Corporation acquired 7,800 shares of the 200,000 outstanding common stock of Jupiter Co. at $41 plus commission charges of $200. On June 1, a cash dividend of $2.20 per share was received. On November 12, 2,600 shares were sold at $46 less commission charges of $160. At the end of the accounting period on December 31, the fair value of the remaining 5,200 shares of Jupiter Companys stock was $41.53 per share.

Required:

Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, (c) the sale of 2,600 shares, and (d) the change in fair value. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

Chart of Accounts ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 121 Allowance for Doubtful Accounts 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 161 Investments-Jupiter Co. Stock 165 Valuation Allowance for Equity Investments 166 Valuation Allowance for Available-for-Sale Investments 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equioment REVENUE 410 Sales 611 Interest Revenue 612 Dividend Revenue 621 Income of Jupiter Co. 631 Gain on Sale of Investments 641 Unrealized Gain on Trading Investments EXPENSES 511 Cost of Merchandise Sold 512 Bad Debt Expense 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense 534 Selling Expenses Journal