Portal Holdings Ltd. had the following short-term investments in marketable securities on December 31, 2016, at fair value and book value:

Canadian Utilities Limited ...........$310,000

TELUS Corporation .................. 425,000

Talisman Energy Ltd. ................ 160,000

Total short-term investments .........$895,000

Portal Holdings Ltd. had the following investment transactions during 2017:

Jan. 5 Purchased 5,000 shares (2 percent) of Salmon Ltd. as a short-term investment. The shares were purchased at $50.00 and the commission was $300.

31 Salmon Ltd. reported net income of $1,500,000 and declared a cash dividend of $900,000.

Feb. 15 Received $18,000 from Salmon Ltd. as a cash dividend.

Apr. 1 Purchased $300,000 (face value) of bonds at 100 as a long-term investment. The bonds pay 6 percent interest (3 percent semi-annually) on October 1 and April 1 and mature in two years.

Aug. 31 Received a 10 percent stock dividend from Salmon Ltd.

Oct. 1 Received the interest on the bonds.

Nov. 1 Salmon Ltd. declared and distributed a 2-for-1 stock split.

Dec. 15 Sold 3,300 shares of Salmon Ltd. at $48.00 and the commission was $200.

31 Recorded the adjustment for accrued interest on the bonds.

31 The fair values of the investments were as follows:

Canadian Utilities Limited .......... $ 290,000

TELUS Corporation .................. 420,000

Salmon Ltd. ............................ 270,000

Talisman Energy Ltd. ................. 175,000

Total short-term investments ...$1,155,000

Required

Prepare the general journal entries required to record the transactions of 2017.