Ralphs Bank buys and sells securities, expecting to earn profits on short-term differences in price. The companys fiscal year ends on December 31. The following selected transactions relating to Ralphs trading account occurred during the year.

December 20 Purchases 280,000 shares in Classic Computers common stock for $1,344,000

December 28 Receives cash dividends of $5,800 from the Classic Computers shares.

December 31

The fair value of Classic Computers stock is $4.60 per share.

Record each of these transactions, including an adjustment on December 31 for the investments fair value, if appropriate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)