Prepare the journal entries for the following transactions for Batson Co.

(a)Batson Co. purchased 1,200 shares of Michael Corp. stock for $20.75 per share plus a $70 commission.Michael Corp stock has 5000 total shares outstanding including Batson's 1200 shares.Journalize the purchase of the stock.

(b)Michael Corp net income for the year is $184,000.Record any necessary year end journal entry.

(c)Michael Corp paid a total of $40,000 in cash dividends.Record the receipt of dividends.