Present Entries to Record the Following Selected Transactions of Masterson

Essay

Present entries to record the following selected transactions of Masterson Co.Aug. 1Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100.1Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted for by the equity method.Sept. 1Received a cash dividend of $1 per share on the Dankin Corporation stock acquired on August 1.1Received a cash dividend of $2 per share on the Ramon Co. stock acquired on August 1.Dec. 31Sold 100 shares of the Dankin Corporation shares acquired on August 1 for $2,100.31Dankin Corporation reported net income of $30,000 and Ramon Company's reported net income was $50,000.​