Jackson Company engaged in the following investment transactions during the current year.
Feb. 17 Purchased 500 shares of Medical Company common for $20 per share plus a brokerage commission of $100; these are classified as trading securities.
Apr. 1 Bought 30,000 of the 100,000 outstanding shares of Olde Company for $300,000.
Jun. 25 Received a $1.20 per share dividend on Medical Company stock.
Jun. 30 Olde Company reported second quarter profits of $20,000.
Oct. 1 Purchased 2,000 shares of Alpha Company for $15 per share plus a brokerage fee of $400; these are classified as available for sale.
Dec. 31 Medical Company shares are selling for $25 per share and Alpha Company shares are selling for $12 per share.
Required:
Prepare the journal entries required to record the transactions for the year including year-end adjustments in proper format.