Journal entries to apply the equity method of accounting for investments in securities. Wood Corporation made three long-term inter-corporate investments on January 2. Data relating to these investments for the year appear next.

Give the journal entries to record the acquisition of these investments and to apply the equity method during the year. There are no good will impairments.

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Camrying Value and Fair Value of Dividends Declared Net Income (Loss) for the Year Identifiable Net Assets on January 2 Acquisition Cost Percentage Acquired During the Year Company $700,000 520,000 $350,000 196,000 $ 70,000 $30,000 15,000 50% 30 Vachi Corporation Snow Corporation 40,000 (24,000) 20 400,000 100,000