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QS C-15 Equity method transactions LO P5 Rowan Co. purchases 100 common shares (40%) of JBI Corp. as a long-term investment for $500,000 cash on July 1. JBI Corp. paid $5,000 in total cash dividends on November 1 and reported net income of $100,000 for the year. (1) - (3) Prepare Rowan's entries to record the purchase of JBI shares, the receipt of its share of JBI dividends and the December 31 year-end adjustment for its share of JBI net income. View transaction list Journal entry worksheet 2 3 Record the purchase of JBI shares. Note: Enter debits before credits. Date General Journal Debit Credit Jul 01 Record entry Clear entry View general journalJournal entry worksheet Record the receipt of the dividend. Note: Enter debits before credits. Clear entry View general journal Journal entry worksheet Record the adjustment required for the investment account. Note: Enter debits before credits. Record entry Clear entry View general journal QS C-16 Equity securities with controlling influence LO C2 Accenture purchases 55% of the voting common stock of JBL. After the purchase, Accenture has a controlling influence over JBL. (a) Which method does Accenture use to account for its investment in JBL? (b) What type of financial statements does Accenture prepare after the acquisition? (a) Which method does Accenture use to account for its investment in JBL? (b) What type of financial statements does Accenture prepare after the acquisition