Present entries to record the following selected transactions of Masterson Co.

Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100.

Purchased 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.

Received a cash dividend of $1 per share on the Dankin Corporation stock acquired in (a).

Received a cash dividend of $2 per share on the Ramon Co. stock acquired in (b).

Sold 100 shares of the Dankin Corporation shares acquired in (a) for $2,100.

Dankin Corporation reported net income of $30,000 and Ramon Company's reported net income was $50,000.

Hide For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". a. Cash Interest Expense Interest Revenue Investment in Dankin Corporation Stock Valuation Allowance for Available-for-Sale Investments Correct 2 Correct 3 Bonds Payable Cash Interest Revenue Investment in Dankin Corporation Stock Investment in Ramon Co. Stock Valuation Allowance for Available-for-Sale Investments Correct 4 Correct 5 b. Cash Interest Expense Interest Revenue Investment in Ramon Co. Stock Unrealized Gain (Loss) on Available-for-Sale Investments Correct 7 Correct 8 Cash Interest Expense Interest Revenue Investment in Ramon Co. Stock Unrealized Gain (Loss) on Available-for-Sale Investments Correct 9 Correct 10 c. Cash Dividend Revenue Interest Revenue Investment in Dankin Corporation Stock Loss on Sale of Investments Unrealized Gain (Loss) on Available-for-Sale Investments Correct 12 Correct 13 Cash Dividend Revenue Interest Revenue Investment in Dankin Corporation Stock Loss on Sale of Investments Unrealized Gain (Loss) on Available-for-Sale Investments Correct 14 Correct 15 d. Cash Gain on Sale of Investments Interest Revenue Investment in Ramon Co. Stock Loss on Sale of Investments Valuation Allowance for Available-for-Sale Investments Correct 17 Correct 18 Cash Gain on Sale of Investments Interest Expense Investment in Ramon Co. Stock Loss on Sale of Investments Valuation Allowance for Available-for-Sale Investments Correct 19 Correct 20 e. Cash Gain on Sale of Investments Interest Expense Investment in Dankin Corporation Stock Loss on Sale of Investments Correct 22 Correct 23 Correct 24 Cash Interest Payable Interest Receivable Investment in Dankin Corporation Stock Loss on Sale of Investments Correct 25 Correct 26 Correct 27 Cash Gain on Sale of Investments Interest Revenue Unrealized Gain (Loss) on Available-for-Sale Investments Correct 28 Correct 29 Correct 30 f. Cash Gain on Sale of Investments Income of Dankin Corp. Income of Ramon Co. Interest Revenue Investment on Dankin Corp. Investment in Ramon Co. Stock Loss on Sale of Investments No entry required Correct 32 Correct 33 Correct 34 Cash Gain on Sale of Investments Income of Dankin Corp. Income of Ramon Co. Interest Expense Investment on Dankin Corp. Investment in Ramon Co. Stock Loss on Sale of Investments No entry required Correct 35 Correct 36 Correct 37 Cash Gain on Sale of Investments Income of Dankin Corp. Interest Revenue Investment on Dankin Corp. Loss on Sale of Investments No entry required Correct 38 Correct 39 Correct 40 Cash Gain on Sale of Investments Income of Dankin Corp. Investment on Dankin Corp. Loss on Sale of Investments No entry required Correct 41 Correct 42 Correct 43