Using the following categories, indicate the effects of the transactions listed in M13-7. Use + for increase and - for decrease and indicate the amounts.

M 13-7

On January 1, 2018, PurchaseAgent.com acquired 35 percent (800,000 shares) of the common shares of E-Transaction Corporation. The accounting period for both companies ends December 31. Prepare the journal entries for each of the following transactions that occurred during 2018 for PnrchaseAgent.com:July 2?E-Transaction?declared and paid?a cash?dividend of?$5?per?share.Dec. 31 E-Transaction reported net earnings of $400,000.

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Statement of Earnings Statement of Financial Position Expenses/ Shareholders' Revenues/ Net Earnings Transaction Assets Liabilities Equity Gains Losses