On May 1, 2020, Cheng Company, a public company, acquired 229,710 of the 741,000 outstanding common shares from Amiah Company for a total of $1,508,000. This investment is part of Cheng Companys long-term business diversification plan. Cheng Companys year-end is December 31. During 2020, the following investment activities occurred.

1) Amiah Company recorded an annual net income of $880,000 for its 20192020 fiscal year-end of June 30, 2020. 2) Amiah Company paid a cash dividend of $300,000 on July 30, 2020. Required Prepare journal entries to record the acquisition of shares by Cheng Company, the revenue of investment from Amiah Company on June 30, 2020 and the receipt of cash dividends on July 30, 2020. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number.

Date	Account Title and Explanation	Debit	Credit
May 1	AnswerBrokerage Fee ExpenseCashDividend RevenueGain on Sale of InvestmentInterest ReceivableInterest RevenueInvestment in Company SharesLong-Term Investment - BondsLong-Term Investment - SharesLoss on Sale of InvestmentRevenue from Investment in Company SharesShort-Term Investment - BondsUnrealized Gain on Fair Value AdjustmentUnrealized Loss on Fair Value AdjustmentValuation Allowance for Fair Value Adjustment	Answer
	AnswerBrokerage Fee ExpenseCashDividend RevenueGain on Sale of InvestmentInterest ReceivableInterest RevenueInvestment in Company SharesLong-Term Investment - BondsLong-Term Investment - SharesLoss on Sale of InvestmentRevenue from Investment in Company SharesShort-Term Investment - BondsUnrealized Gain on Fair Value AdjustmentUnrealized Loss on Fair Value AdjustmentValuation Allowance for Fair Value Adjustment		Answer
	To record acquisition of common shares
Jun 30	AnswerBrokerage Fee ExpenseCashDividend RevenueGain on Sale of InvestmentInterest ReceivableInterest RevenueInvestment in Company SharesLong-Term Investment - BondsLong-Term Investment - SharesLoss on Sale of InvestmentRevenue from Investment in Company SharesShort-Term Investment - BondsUnrealized Gain on Fair Value AdjustmentUnrealized Loss on Fair Value AdjustmentValuation Allowance for Fair Value Adjustment	Answer
	AnswerBrokerage Fee ExpenseCashDividend RevenueGain on Sale of InvestmentInterest ReceivableInterest RevenueInvestment in Company SharesLong-Term Investment - BondsLong-Term Investment - SharesLoss on Sale of InvestmentRevenue from Investment in Company SharesShort-Term Investment - BondsUnrealized Gain on Fair Value AdjustmentUnrealized Loss on Fair Value AdjustmentValuation Allowance for Fair Value Adjustment		Answer
	To record profit on equity investment
Jun 30	AnswerBrokerage Fee ExpenseCashDividend RevenueGain on Sale of InvestmentInterest ReceivableInterest RevenueInvestment in Company SharesLong-Term Investment - BondsLong-Term Investment - SharesLoss on Sale of InvestmentRevenue from Investment in Company SharesShort-Term Investment - BondsUnrealized Gain on Fair Value AdjustmentUnrealized Loss on Fair Value AdjustmentValuation Allowance for Fair Value Adjustment	Answer
	AnswerBrokerage Fee ExpenseCashDividend RevenueGain on Sale of InvestmentInterest ReceivableInterest RevenueInvestment in Company SharesLong-Term Investment - BondsLong-Term Investment - SharesLoss on Sale of InvestmentRevenue from Investment in Company SharesShort-Term Investment - BondsUnrealized Gain on Fair Value AdjustmentUnrealized Loss on Fair Value AdjustmentValuation Allowance for Fair Value Adjustment		Answer
	To record dividends received on equity investment