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(3 pts) Hope Corporation purchased 10% of the outstanding common voting stock of Luke Corporation on December 27, 2019, at a cas cost of $10

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(3 pts) Hope Corporation purchased 10% of the outstanding common voting stock of Luke Corporation on December 27, 2019, at a cas cost of $10 per share. They intend to hold the stock for six months. At the date of purchase Luke Corporation had outstanding 100,000 shares of common stock (par $1). At year-end, December 31, 2019, Luke reported net income of $100,000 and declared and paid a $25, cash dividend. The December 31, 2019, the market value of Luke's stock was $9. Give the journal entries required for Hope Corporation the following dates: December 27, 2019: December 31, 2019

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