On January 3, 2003, SW, Inc., purchased 8,000 shares of the outstanding common stock of IM Corporation. At the time of this transaction, IM has 20,000 shares of common stock out- standing. The cost of the purchase (including brokerage fees) was $47 per share. During the year, IM reported income of $18,000 and paid dividends of $10,000. On December 31, 2003, IM’s stock was valued at $51 per share. Provide the entries necessary to record the above transactions.