Able Company purchases 10% of 50,000 shares of Phillips Company common shares for $20 per share with no influence. Prepare the following journal entries for Able Acquisition of Phillips shares (2 Marks) On December 31, Phillips declares a dividend of $0.50 per share (2 Marks) On January 13, the dividend is paid (2 Marks) On March 15, Able sold shares for $2,300,000