January 2 2018 A Company purchased 12,000 shares of stock of B Company, and did not obtain significant

influence. investment is intended as a long-term investment. Stock purchased for $10 per share and represents 10% ownership stake. B Company made $50,000 of net income in 2018, paid dividends of 50 cents per share on December 15, 2018. December 31, 2018 B Company stock was trading on the open market for $ 12 per share at the end of the year. Prepare General Journal entries for January 2 purchase and the December 15 & 31 2018 record of income & gain/loss

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