As a long-term investment at the beginning of the year, Willie Winn Track Shoes purchased 25% of Betty Will Company's 18 million shares outstanding for $162 million. During the year, Betty Will earned net income of $114 million and distributed cash dividends of $1.20 per share. Required: Record for Willie Winn Track Shoes the purchase of the investment and its share of Betty Will's net income and dividends using the equity method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet < 1 2 3 Record the receipt of dividends. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit Record entry Clear entry View general journal > Problem D-2A (Algo) Account for investments using the equity method (LO D-3) As a long-term investment at the beginning of the year, Willie Winn Track Shoes purchased 25% of Betty Will Company's 18 million shares outstanding for $162 million. During the year, Betty Will earned net income of $114 million and distributed cash dividends of $1.20 per share. Required: Record for Willie Winn Track Shoes the purchase of the investment and its share of Betty Will's net income and dividends using the equity method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet 1 2 3 Record the purchase of common stock. Note: Enter debits before credits. Transaction 1 [Investments Cash General Journal Debit Credit Record entry Clear entry View general journal > As a long-term investment at the beginning of the year, Willie Winn Track Shoes purchased 25% of Betty Will Company's 18 million shares outstanding for $162 million. During the year, Betty Will earned net income of $114 million and distributed cash dividends of $1.20 per share. Required: Record for Willie Winn Track Shoes the purchase of the investment and its share of Betty Will's net income and dividends using the equity method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet < 1 2 3 Record the share of net income. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal