2 B Company had the following transactions: 2018 Aug-01 Purchased 1,000 shares of Star Company for P60,000. Oct-01 Purchased 8,000 shares of Star Company for P560,000. 2019 Jul-01 Purchased 6,000...

Prepare journal entries to record the transactions of B company.

Extracted text: 2 B Company had the following transactions: 2018 Aug-01 Purchased 1,000 shares of Star Company for P60,000. Oct-01 Purchased 8,000 shares of Star Company for P560,000. 2019 Jul-01 Purchased 6,000 shares of Star Company for P480,000. Aug-01 Sold 5,000 shares of Star Company for P500,000. Use FIFO. 2020 Feb-01 Received 50% stock dividend. Nov-01 Received stock rights to purchase one new share at P60 for every 5 rights tendered. On this date, the right is quoted at P10. Dec-01 Sold all stock rights at P15 per right. REQUIRED: Prepare a summary of the noncurrent investments in Star Company shares by block of acquisition stating the number of shares and total cost for each block.