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

(a)Morgan Co. purchased 23,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission.

(b)Gordon Corp.'s total earnings for the period are $80,000.

(c)Gordon Corp. paid a total of $45,000 in cash dividends.

4. Prepare the journal entries for the following transactions for Morgan Co. (a) Morgan Co. purchased 23,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission. Gordon Corp.'s total earnings for the period are $80,000. Gordon Corp. paid a total of $45,000 in cash dividends. (b) (c)