On January 2, Sanders Company purchased 6,000 shares of Howard Company stock (representing 20% of the total outstanding shares) for $60 per share plus a $45 commission. Sanders Company is able to exercise significant influence over the policies of Howard Company. The following events took place during the year: December 15 December 30 December 31 Howard Company paid a dividend of $0.70 per share. Howard Company announced that its earnings for the year were $65,000. Sanders Company sold 2,400 shares of Howard Company stock for $72 per share less a $45 commission. Required: Prepare the journal entries for Sanders Company relating to the above transactions, including the purchase of the Howard shares. Date Account Title Debit Credit