Guay Company had the following transactions and adjustment related to a passive equity investment.

2019

Nov. 15    Purchased 5,000 shares of Core, Inc.'s common stock at $16 per share plus a brokerage commission of $900. Guay Company expects to sell the stock in the near future.

Dec. 22    Received a cash dividend of $1.25 per share of common stock from Core.

 31    Made the adjusting entry to reflect year-end fair value of the stock investment in Core. The year-end market price of the Core common stock is $17 .50 per share.

2020

Jan. 20   Sold all 5,000 shares of the Core common stock for $86,400.

a. Prepare journal entries to record these transactions.

b. Post the journal entries from a to their respective T-accounts.

c. Record each of the transactions in the financial statement effects template.