Prepare the journal entries for the following transactions for Batson Co.Sept. 1Batson Co. purchased 1,200 shares of the total of 100,000 outstanding shares of Michael Corp. stock for $20.75 per share plus a $70 commission.Dec. 31Michael Corp.'s total earnings for the period are $84,000.31Michael Corp.'s paid a total of $40,000 in cash dividends to shareholders of record.
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