Wood Corporation made three long-term intercorporate 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 goodwillimpairments.

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