$3$

$5.$ On $1/5/26,$ Company $x$ sold Company $Q$ stock on the open market at its current fair value of $49.$ Prepare the $2$ entries for the sale. Equity Investments: Between $20\%$ and $50\%.$

Company J purchased $40\%$ of the stock of Company K on $\frac{1}{1}\frac{?}{24}$ for $50.$ During $2024,$ J received $10$ in dividends from $K$ and the fair value of the $K$ stock is $98$ on $\frac{12}{31}\frac{?}{24}.K\text{'}$s net income for $2024$ was $30.$

$6.$ Prepare the entry for the purchase of $K$ stock.

$7.$ Prepare the entry for receipt of dividends.

$8.$ Prepare the appropriate $\frac{12}{31}\frac{?}{24}$ entry.