Bitnec Corporation acquired three separate imestments at the beginning of the year. Information about each acquisition, the dividendsinterest received during the yeat, income, and year-end stockidebt price. follows: INITLALINVESTMENT Purchased 50,000 thares of tynch Corporation at 511 per share. This investment was made with the intent of neartem trading profits. Lynch Corporation has 5,000.000 shares outstanding Purchased $200.000 of Graham Corporation debt for 5200.000. This imvestment was generally considered to be long-term with no particular plans for near-term troding. atthough it is unl kely Bitnec will hold the investment untii maturity. Purchased 409 of the shares of Buffet Corperation at 530 per share. This imestment was generally considered to be long-term with plans to exert significant influence. Buffet Corporation has 1,500.000 thares outstanding. DMDENDSNNTEREST Lynch Corporation declared and paid dividends of 50.50 per share. Graham Corporation paid interest on outstanding debt, including 510,000 to thitnec. Buffet Corporation declared and paid dividends of $0.25 per share. NET INCOME Lynch Corporation reported net income of $4,000,000 for the year, Graham Corporation reported net income of $7,000.000 for the year. Buffet Corporation reported net income of $1,200,000 for the year. YEAR END STOCK PRICE Lynch Corporation's closing stock price at the end of the year was 513 per share. Due to deteriorating finances, the value of Graham's debtheld by Bitnec plunged to $150,000. Buffet Corporation's closing stock price at the end of the year was $33 per share. (a) Prepare joumal entries, as necessary, to account for the initial investment, dividend, and year-end stock price for the investment in Lynch Corporation. (b) Prepare joumal entries, as necessary, to account for the initial investment, interest and year-end debt value for the imvestment in Graham Corporation securities. (c) Prepare journal entries, as necessary, to account for the initial investment, dividend and year-end stock price for the investment in Buffet Corporation. Investment accounting (a) GENERAL JOURNAL \begin{tabular}{|c|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline Invest & & Denal \\ \hline \end{tabular} Dividend Income Price (b) GENERAL JOUANAL \begin{tabular}{|c||c|c|c|} \hline Date & Accounts & Detit \\ \hline Inver & & \\ \hline \end{tabular} Interest Income Price Dividend Income Price