Samson Company is a wholesaler of men's hair products. The following transactions relate to certain securities acquired by Samson Company, which has a fiscal year ending on December 31:
Jan. 3. Purchased 4000 shares of the 100000 outstanding common shares of Nichols Corporation at 55 plus commission and other costs of $480.
July 2. Received the regular cash dividend of $1.25 a share on Nichols Corporation stock.
Dec 5. Received the regular cash dividend of $1.25 a share plus an extra dividend of $0.10 a share on Nichols Corporation stock.
Jan 2. Purchased controlling interest in Telico Inc. for $540000 by purchasing 32000 shares directly from the estate of the founder of Telico. There are 128000 shares of Telico Inc. stock outstanding.
July 6. Received the regular cash dividend of $1.25 a share and a 4% stock dividend on the Nichols Corporation stock.
Oct 23. Sold 800 shares of Nichols Corporation stock at 68. The broker deducted commission and other costs of $140, remitting the balance.
Dec 10. Received a cash dividend at the new rate of $1.50 a share on the Nichols Corporation stock.
31. Received $38000 of cash dividends on Telico Inc. stock. Telico Inc. reported net income of $260000 in 2009. Samson uses the equity method of accounting for its investment in Telico Inc.
Record the entries for the preceding transactions.