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Entries for equity investments: less than 20% ownership Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. Feb. 2 Purchased for cash 1,600 shares of Celeste Inc.'s common stock for $36 per share plus a $800 brokerage commission. Celeste Inc. has 90,000 shares of common stock outstanding. Received dividends of $0.30 per share on Celeste Inc. stock. . Purchased 1,100 shares of Celeste Inc. stock for $48 per share plus a $550 brokerage commission. Mar. 6 June 7 July 26 Sold 1,800 shares of Celeste Inc. stock for $54 per share less a $900 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.40 per share on Celeste Inc. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 900 shares of Celeste Inc. stock was $46,150. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. Feb. 2 Investments-Celeste Inc. Stock 58,400 0 Cash 0 58,400 Mar. 6 Cash 480 0 Dividend Revenue 480 June 7 Investments-Celeste Inc. Stock 53,350 0 June 7 Investments-Celeste Inc. Stock 53,350 0 Cash 0 53,350 July 26 Cash 96,300 0 Gain on Sale of Investments 0 Investments-Celeste Inc. Stock 0 Sept. 25 Cash 0 Dividend Revenue 0 Dec. 31 Valuation Allowance for Equity Investments 0 Unrealized Gain on Equity Investments 0

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