Gabriel Co. executed the following long-term investment transactions during the current year. Januar

Gabriel Co. executed the following long-term investment transactions during the current year. January 6 Purchased 1,000 shares of Small Auto Co. for $40 per share plus brokerage costs of $225. These shares were classified as trading securites. February 28 Purchased 60,000 of the 200,000 outstanding common shares of Oldham Corp. for $600,000. The cost of the investment exceed the book value of the net assets acquired by $160,000 which represents the investor’s interest in the excess of fair value over the carrying value of depreciable assets with a remaining life of twenty years. May 20 Received a $2.20 per share dividend on Small Auto Co. shares. May 31 Oldham Corp. reported second quarter earnings (total) of $40,000. August 4 Acquired 4,000 shares of Minor Conglomerate’s stock for $30 per share plus $600 transaction costs. These shares were classified as available-for-sale securities. December 31 Market values of Small Auto Co. and Minor Conglomerate stock were $45 and $28 per share, respectively.

Prepare journal entries with appropriate supporting computations for the year’s transactions.