The following events are for Toronto Inc.:

Required
Prepare General Journal entries to record each transaction. Round per share calculations to two decimalplaces.

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2014 14 Jan. Purchased 18,000 shares of Queen's Inc. common shares for $156,900. Queen's has 90,000 common shares outstanding and has acknowledged the fact that its policies will be significantly influenced by Toronto. Queen's declared and paid a cash dividend of $2.60 per share. Queen's announced that net income for the year amounted to $650,000. Oct. Dec. 1 31 2015 1 31 31 April Dec. Queen's declared and paid a cash dividend of $2.70 per share. Queen's announced that net income for the year amounted to $733,100. Toronto sold 6,000 shares of Queen's for $104,320.