Problem 1: On December 31, 2019 InterSteel provided you with the following information for its equity securities: JAK Inc. Stock Kibby Co. Stock Lorton Corp Stock Cost 30,000 101,000 31,000 162,000 Fair Value 46,000 99,500 39,500 185,000 In addition, InterSteel owns 40% of Santos Corporation. The current basis of the investment is $260,000. A. Record the necessary Journal Entries for the following events during 2020: 1. Intersteel sold its investment in Lorton for $43,200. 2. Received $400 in dividends from Kibby. 3. Purchased $7,000 is Jackson Corporation stock, representing a 2% ownership. 4. Received $5,000 in dividends from Santos Corporation. 5. Santos reported $300,000 of net income for the current year. 6. InterSteel gathered the following fair value data at year end, record any necessary journal entries: JAK Inc. Stock Kibby Co. Stock Jackson Co. Stock Santos Fair Value 47,600 85,400 10,000 300,000