Table 16-6

the Following Are Transactions in the Purchase

Table 16-6

The following are transactions in the purchase and sale of Epstein Ltd. shares by Monty Inc.

$\begin{array}{ll}\hline \text { Januluary } 15,2017 & \text { Purchased 2,000 shares of Straton at } \$ 20.00 \text { and paid } \$ 125 \text { in brokerage fees } \\\text { February } 10,2017 & \text { Received } \$ 1.00 \text { dividend from Straton. } \\\text { December } 31,2017 & \text { Straton reported net income of } \$ 6,000 \text {. } \\\text { December 31, 2017 } & \text { Market value of Straton shares } \$ 22.00 . \\\text { June 30, 2018 } & \text { Sold all shares of Straton for } \$ 21.00 \text { per share. }\end{array}$
Record the journal entries for the above transactions for Samuels Inc.
$\begin{array}{ll}\text { January 15, 2017 } & \text { Purchase 1, 000 shares of Epstein at \$25.00 } \\\text { February 10, 2017 } & \text { Received \$1.00 dividend from Epstein } \\\text { December 31, 2017 } & \text { Epstein reported net income of \$10,000. } \\\text { December 31, 2017 } & \text { Market value of Epstein shares \$24.50. } \\\text { June 30, 2018 } & \text { Sold all shares of Epstein for \$26.50 per share. }\end{array}$
Record the journal entries for the above transactions for Monty Inc.
-Refer to Table 16-6.Assume that the investment in Epstein shares is classified as a long-term investment.Monty exercises significant influence over Epstein by owning 25% of the outstanding shares.Assume that Epstein earned no income from January 1,2018 to June 30,2018,nor did it pay any dividends during that period.