Princeton Company acquired some of the 50,000 outstanding shares of the common stock 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:

July    2     Purchased 8,000 shares of Cox common stock at $28 per share.
Dec. 15     Cox Corporation declared and paid a cash dividend of $2 per share.
         31     Determined the fair value of Cox stock to be $29 per share.