During 2011, Princeton Company acquired some of the 50,000 outstanding shares of the common stock, par $12, of Cox Corporation as trading securities. The accounting period for both companies ends December 31. Give the journal entries for each of the following transactions that occurred during 2011:
Dec. 2 Purchased 7,500 shares of Cox common stock at $28 per share.
Dec. 15 Cox Corporation declared and paid a cash dividend of $3 per share.
Dec. 31 Determined the current market price of Cox stock to be $23 per share.