On January 1, 2010, Jones Company acquires a 30% interest in Fink Company by purchasing 3,000 of its 10,000 common shares for $16 per share and obtains significant influence. On the date of acquisition, the net assets of Fink Company were as shown here:

During 2010 Fink Company earned income of $22,000 and paid dividends of $6,000.

Required
Prepare all journal entries on Jones Company€™s books to record the acquisition, dividends, and income from the investment in Fink Company. Show supportingcalculations.

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Book Value Fair Value Nondepreciable assets (for example, land) 15,000 25,000 Depreciable assets (10-year remaining life)0, 00 $105,000 $140,000 s 10,000 15,000 Liabilities