15-15

for $500.000 ted net income of 515-15 wity method transactions Rowan Co. purchases 100 common shares (40%) of JBI Corp. as a long-term investment for cash on July 1. JBI paid $5,000 in total cash dividends on November 1 and reported net ince $100,000 for the year. Prepare Rowan's entries to record (1) the purchase of JBI shares, (2) the rece its share of JBI dividends, and (3) the December 31 year-end adjustment for its share of JB net incom 15-16 Accenture purchases 55% of the voting common stock of JBL. After the purchase, Accenture has a com