assume that on December 31, 20X9, the balance of CCCs Investment in TJI account was $140,000. All the results of TJIs activities during 20X9 are included in this amount. At the end of 20X9, CCC owned 25% of the ordinary shares of TJI.

On December 31, 20X9, CCC purchased an additional 20% of the outstanding ordinary shares of TJI for $130,000 cash. Based on this purchase, calculate what impact this transaction had on CCCs ownership and prepare the journal entries that CCC would record for this transaction.