Question: 2. Genius Inc., obtained significant influence over K Corp by acquiring 30% of K Corp's 50,000 outstanding ordinary shares at a total cost of $10

2. Genius Inc., obtained significant influence over K Corp by acquiring

2. Genius Inc., obtained significant influence over K Corp by acquiring 30% of K Corp's 50,000 outstanding ordinary shares at a total cost of $10 per share on January 1, 2018. On June 15, K Corp declared and paid a cash dividend of $50,000. On December 31, K Corp. reported a net income of $150,000 for the year. Instructions Prepare all the necessary journal entries for 2018 for Genius Inc and compute the balance in the investment account in K Corp on December 31, 2018

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