(Accounting for passive investments, LO 3) Chockpish Inc. (Chockpish) has provided you with the following list of transactions and economic events that involved its investment portfolio in 2005. For each of the items on the list, prepare any necessary journal entries required. Explain your entries fully. Chockpish’s year end is December 31.

a. On January 15, 2,000 shares of Inwood Corp. were purchased at $37 per share.

b. On February 12, a cheque for $10,000 was received from Guthrie Inc. for dividends.

c. On March 6, 2,500 shares of Antigonish Inc. were sold for $9 per share. The shares were originally purchased in 2001 for $3 per share.

d. On April 2, 4,200 shares of Hydraulic Corp. were sold for $12 per share. The shares were originally purchased in 1999 for $20 per share.

e. At the close of trading on December 31, shares of Kynoch Ltd. were priced at

$12 per share. Chockpish’s 5,000 shares of Kynoch Ltd. have a book value of $15 per share. Chockpish plans to continue holding these shares for the foreseeable future.

f. At the close of trading on December 31, shares of Jobrin Inc. were priced at $19 per share. Chockpish’s 3,000 shares of Jobrin Ltd. have a book value of $22 per share. Chockpish plans to sell the shares by March 31, 2006.