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 sold 40% of its investment in TJI to an outside party for $60,000 cash. Based on this sale, calculate how this transaction reduced CCCs remaining ownership and prepare the journal entries that CCC would record for this transaction.