ROBLEM The following selected investment transactions were completed by Oconee Inc. during its first year of operations. Jan. 23 Purchased 2,400 shares of Smith Company stock as an available- for-sale security at $23 per share plus an S 240 brokerage commission. Purchased $20,000, 8% U.S. Treasury bonds at par value plus accrued interest. The bonds pay interest on January 1 and July 1. The bonds were classified as held-to-maturity securities. Feb. 6 Mar. 10 Purchased 3,800 shares of Jones Company stock as a trading security at $48 per share plus a $304 brokerage commission. Purchased 100,000 shares of Hill Company at $37 per share plus a $4,000 brokerage commission. Hill Company has 400,000 common shares issued and outstanding. The equity method was used for this investment. May 31 Received semiannual interest on bonds purchased on February 6. Sold 2,400 shares of Jones Company stock at $61 per share less a $180 brokerage commission. Received $0.80 per share dividend on Smith Company stock. Received $1.10 per share dividend on Hill Company stock. Accrued interest on February 6 bonds. Hill Company earnings were $946,000 for the year. Fair values were: July 1 Aug. 9 Oct. 5 Nov. 11 Dec. 31 Dec. 31 Dec. 31 Smith Company Jones Company Hill Company $30 43 40 Instructions: Prepare journal entries for the preceding transactions