acate investment in Akash Ltd Balance a P 2-4 for midyear investment (excess allocated to land, equipmen and goodwill) Jack Corporation n July n paid $380,000 for 40 percent of Jill Corporation's outstanding voting common sto on July 1, 2011. Jill's capital stock and s20 st oders' equity on January 1, 2011, was $500,000, consisting of $300,000 200,000 retained earnings. During 2011, Jill had net income of S100,000, and on November 1, 2011, Jill declared divi- dends of $50,000. s assets and liabilities were stated at fair values on July 1, 2011, except for land that was al- Jill' undervalued by $30,000 and equipment with a five-year remaining useful life that was underv ued by $50,000. REQUIRED: Prepare all the journal entries (other than closing entries) on the books of Jack Corporation during-2011 to account for the investment in Jill