On January 1, 20xx, Orcola Corporation acquired 40 percent of the voting stock of Visnjics Corporation, an amount sufficient to exercise significant influence over Visnjics Corporation's activities, for $2,400,000 in cash. On December 31, Orcola determined that Visnjics paid dividends of $400,000 but incurred a net loss of $200,000 for 20xx.

Prepare journal entries in Orcola Corporation's records to reflect this information. LO1