Prepare journal entries to record the following selected transactions of Masterson Co.
a) Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100.
b) Purchased 3,500 shares of the 10,0000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted for by the equity method.
c) Received a cash dividend of $1 per share on the Dankin Corporation stock acquired in (a).
d) Received a cash dividend of $1 per share on the Ramon Co. Stock acquired in (b).
e) Sold 100 shares of the Dankin Corporation shares acquired in (a) for $2,100.
f) Dankin Corporation reported net income of $30,000 and Ramon Co. reported net income was $50,000.