Prepare the Journal Entries for the Following Transactions for Batson $\$ 20.75$

Prepare the journal entries for the following transactions for Batson Co. (a) Batson 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.
(b) Michael's total earnings for the period are $\$ 84,000$ .
(c) Michael's paid a total of $\$ 40,000$ in cash dividends to sharehol ders of record.