Jackson Company engaged in the following investment transactions during the current year. February 17 Purchased 430 shares of Medical Company common stock for $15 per share plus a brokerage commission of $150. Jackson does not have significant influence over Medical. April 1 Bought 23,000 of the 100,000 outstanding shares of Olde Company for $230,000. Goodwill of $73,000 was included in the price. June 25 Received a $1.30 per share dividend on Medical Company stock. June 30 Olde Company reported second-quarter profits of $13,000. October 1 Purchased 1,300 bonds of Alpha Company for $14 per bond plus a brokerage fee of $330. These bonds are classified as securities available-for-sale. December 31 Medical Company shares are selling for $20 and Alpha bonds are selling for $11. Prepare the appropriate journal entries to record the transactions for the year, including year-end adjustments. Note: If no entry is required for a transaction/event, write "No journal entry required"
Jackson Company engaged in the following investment transactions during the current year.
February 17 Purchased 430 shares of Medical Company common stock for $15 per share plus a brokerage commission of $150. Jackson does not have significant influence over Medical.
April 1 Bought 23,000 of the 100,000 outstanding shares of Olde Company for $230,000.
June 25 Received a $1.30 per share dividend on Medical Company stock.
June 30 Olde Company reported second-quarter profits of $13,000.
October 1 Purchased 1,300 bonds of Alpha Company for $14 per bond plus a brokerage fee of $330. These bonds are classified as securities available-for-sale.
December 31 Medical Company shares are selling for $20 and Alpha bonds are selling for $11.
Prepare the appropriate journal entries to record the transactions for the year, including year-end adjustments. Note: If no entry is required for a transaction/event, write "No
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