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  3. 3. on january 1, year 1, shining corporation purch

3. On January 1, Year 1, Shining Corporation purchased 5,500 shares of Zotware Corp. as...

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Accounting

3. On January 1, Year 1, Shining Corporation purchased 5,500 shares of Zotware Corp. as a long-term investment for a total of $208,220. The 5,500 shares represented 40% (significant influence) of the outstanding shares of Zotware. The following transactions occurred in the remainder of year 1. Feb. 1 Sold 2,000 shares of Zotware for $31.50 per share. Oct. 1 Zotware declared an $0.80 per share cash dividend to shareholders of record on October 15, payable November 1. Nov. 1 Received Zotware cash dividend. Dec 31 At the end of Year 1, Zotware reported a profit of $66,000 for the year REQUIRED: 1. Record the journal entries for Year 1 for Shining Corporation. 2. Record the journal entries assuming there was no significant influence because another company owned the remaining 60% of shares and Record the journal entries

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