On January 2, a company purchased 15,000 shares of Wal-Mart common stock at $89.50 per share plus a $3,000 commission. This represents 30% of Wal-Mart's outstanding stock. On August 6, Wal-Mart declared and paid cash dividends of $2.50 per share and on December 31 it reported net income of $1,150,000.
Prepare the necessary entries the company must make to account for these transactions and events.