9.

Required information [The following information applies to the questions displayed below.) Rowan Company purchases 600 common shares (40%) of JBI Corporation as a long- term investment for $550,000 cash on January 1. JBI paid $8,750 in total cash dividends on November 1 and reported net income of $175,000 for the year. 1) - (3) Prepare Rowan's entries to record the purchase of JBI shares, the receipt of its share of JBI dividends, and the December 31 year-end adjustment for its share of JBI net income. View transaction list Journal entry worksheet Record the purchase of JBI shares. Journal entry worksheet Record the adjustment required for the investment account. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal