Present entries to record the following selected transactions of Masterson Co.

Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100.

Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted for by the equity method.

Received a cash dividend of $1 per share on the Dankin Corporation stock acquired in (a).

Received a cash dividend of $2 per share on the Ramon Co. stock acquired in (b).

Sold 100 shares of the Dankin Corporation shares acquired in (a) for $2,100.

Dankin Corporation reported net income of $30,000 and Ramon Company's reported net income was $50,000.

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