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ranst estme PROBLEMS: 1. Bain Town Raptors was incorporated on Jan. 1, 2014 to produce and sell carnival designs and costumes. The following transactions relate to certain securities acquired by Bain Town Raptors, which has a fiscal year ending on December 31: 2014 Feb. 10. Purchased 8,000 shares of the 150,000 outstanding shares of Island Luck Corporation at $36 per share. The brokerage commission amounted to $864. July 15. Received a cash dividend of $2.25 per share from Island Luck Corporation Dec. 31. An adjust ing entry was made to recognize that the market value of Island Luck was $33 per share. 2015 Jan. 3. Obtained significant influence in Quick Draw Inc. by purchasing 30,000 of the 100,000 shares outstand ing, directly from the Gaming Board for $675,000. Apr.14. Received a cash dividend of $1 .10 per share and a 2% stock divid end from Island Luck Corp. July26. Sold 1,000 shares of Island Luck for $32 per share. The brokerage commission amounted to $125. Dec 15, Received a cash dividend of $1.20 per share on the Island Luck stock Dec 31. (a) Received a cash dividend of 40 cents per share from Quick Draw (b) An adjusting entry was made to recognize that Quick Draw reported a net loss of $325,000 for 2015 (c) An adjusting entry was made to recognize that the market value of Island Luck had increased to $38 per share. Instructions: Journalize the above transactions (Show all workings) (17 pts.)

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