Problem 4 Jackson Company engaged in the following investment transactions during the current year. Feb. 17...

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Problem 4 Jackson Company engaged in the following investment transactions during the current year. Feb. 17 April 1 June 25 June 30 Oct. 1 Dec. 31 Purchased 500 shares of Medical Company common stock for $20 per share. Jackson does not have significant influence over Medical Company. Bought 40,000 of the 100,000 outstanding shares of Olden Company for $400,000. Received a $1.50 per share dividend on Medical Company stock. Olden Company reported second-quarter profits of $100,000. Purchased 2,000 bonds of Alpha Company for $15 per bond. These bonds are classified as securities available-for-sale. Medical Company shares are selling for $25 and Alpha bonds are selling for $12. Required: Prepare the appropriate journal entries to record the transactions for the year, including year-end adjustments. Show calculations. Problem 4 Jackson Company engaged in the following investment transactions during the current year. Feb. 17 April 1 June 25 June 30 Oct. 1 Dec. 31 Purchased 500 shares of Medical Company common stock for $20 per share. Jackson does not have significant influence over Medical Company. Bought 40,000 of the 100,000 outstanding shares of Olden Company for $400,000. Received a $1.50 per share dividend on Medical Company stock. Olden Company reported second-quarter profits of $100,000. Purchased 2,000 bonds of Alpha Company for $15 per bond. These bonds are classified as securities available-for-sale. Medical Company shares are selling for $25 and Alpha bonds are selling for $12. Required: Prepare the appropriate journal entries to record the transactions for the year, including year-end adjustments. Show calculations.