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3. On January 1, 2018 Big Basket Corporation purchased 30,000 shares (5%) of Training Camp Corporation for $50,000 and 50,000 Shares (35%) of Energy Power

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3. On January 1, 2018 Big Basket Corporation purchased 30,000 shares (5%) of Training Camp Corporation for $50,000 and 50,000 Shares (35%) of Energy Power Drink Inc. for $80,000 both as long term investments. On December 31, 2018 Training Camp declared $1 dividend payment per share, and Energy Power Drink Inc. report its Net Income as $55,000 and paid $0.50 per share dividend payment. At year end December 31, 2018 Training Camp Corporation shares are trading at $2.50 per share, whereas Energy Power Drink Inc. shares are trading at $1.20. On January 2, 2019 Big Basket Corporate received its dividend payment. Big Basket Corporation then sells their investments in Training Camp Corporation for $80,500 and Energy Power Drink Inc. for $79,500 on February 4, 2019. Prepare Big Basket Corporation's journal entries for 2018 and 2019. (30 marks) (Investment in Equity)

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