8. (10 points) Bonneau Co. purchased 20,000 shares of Baker Corporation's 60,000 shares of common stock on January 1. On October 11, Baker declared and paid cash dividends of $30,000 in total. On December 31 , Baker reported net income of $600,000 for the year. Prepare the journal entries Bonneau Co. should record to account for the dividends received and the earnings reported by Baker Corporation. 8. (10 points) Bonneau Co. purchased 20,000 shares of Baker Corporation's 60,000 shares of common stock on January 1. On October 11, Baker declared and paid cash dividends of $30,000 in total. On December 31 , Baker reported net income of $600,000 for the year. Prepare the journal entries Bonneau Co. should record to account for the dividends received and the earnings reported by Baker Corporation