Idle Corporation has been acquiring shares of Fast Track Enterprises at book value for the last several years. Fast Track provided data including the following:

Fast Track declares and pays its annual dividend on November 15 each year. Its net book value on January 1, 20X2, was $250,000. Idle purchased shares of Fast Track on three occasions:

Required
Give the journal entries to be recorded on Idle€™s books in 20X5 related to its investment in FastTrack.

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20X2 $40,000 20,000 20X3 20X4 Net Income Dividends $60,000 20,000 $40,000 10,000 20X5 $50,000 20,000 Percent of Ownership Purchased Amount Pald Date January 1, 20X2 July 1, 20X3 January 1, 20x5 1090 5 10 $25,000 15,000 34,000