On January 1, 2022, Melton & Melton purchases 2,200 shares of Kelly common stock at $60 per share. Melton & Melton intends to hold this investment for longer than one year. On June 1, 2022, Kelly declares and distributes a cash dividend of $0.56 per share. On December 31, 2022, the market price of Kelly's stock is $52 per share. On December 31, 2023, the market price of Kelly's stock is $49 per share. Melton & Melton uses a separate allowance account to adjust the investment. Prepare the journal entries on: 1. January 1, 2022 2. June 1, 2022 3. December 31, 2022 4. December 31, 2023