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First National Bank buys and sells securities. The companys fiscal year ends on December 31. The following selected transactions relating to First Nationals trading account occurred during the year.

December		20		Purchases 280,000 shares in Classic Computers common stock for $1,344,000 ($4.80 per share).
December		28		Receives cash dividends of $5,800 from the Classic Computers shares.
December		31		The fair value of Classic Computers stock is $4.60 per share.

Required: 1. Record each of these transactions, including an adjustment on December 31 for the investments fair value, if appropriate. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

1. Record the purchase of common stock.

	Date General Journal Debit Credit December 20

2. Record the receipt of cash dividends.

	Date General Journal Debit Credit December 28

3. Record adjusting entry of investments to fair value.

	Date General Journal Debit Credit December 31

2. Calculate the balance of the Investments account on December 31.

	Investments, December 31

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