PROBLEMS (GROUP B) P16-1B Beauchesne Insurance Led. owns numerous investments in the shares of other com- actions panies. Assume Beauchesne Insurance Lid. completed the following investment le and transactions: 2020 Jan. 1 Purchased 30,000 (total issued and outstanding common shares, 120,000) common shares of Earl Mfg. Ltd. at a cost of $2,550,000. Brokerage commissions on the purchase were $15,000. Jan. 2 Purchased 6,000 additional Earl Mfg. Ltd. common shares at a cost of $88.00 per share. Brokerage commissions on the purchase were $400. Aug. 9 Received the annual cash dividend of $2.00 per share on the Earl Mfg. Ltd. investment. Oct. 16 Purchased 2,000 Excellence Ltd. common shares as a short-term investment, paying $63.00 per share plus brokerage commission of $500. Nov. 30 Received the semi-annual cash dividend of $2.50 per share on the Excellence Ltd. investment. Dec. 31 Received the annual report from Earl Mfg. Ltd. Net income for the year was $1,160,000. Of this amount, Beauchesne Insurance Ltd.'s proportion is 30 percent. 31 The current market value of the Excellence Ltd. shares is $140,000. 2021 Jan. 14 Sold 5,000 Earl Mfg. Ltd. shares for $460,000, less brokerage commissions of $800. Required Record the transactions in the general journal of Beauchesne Insurance Ltd. The company's year-end is December 31