British Baking Design acquired 20% of the outstanding common stock of Paul Hollywood Company on January 1,2017 , by paying $800,000 for the 30,000 shares. Paul Hollywood declared and paid $0.30 per share cash dividends on March 15, June 15, September 15, and December 15,2017 . Paul Hollywood reported net income of $320,000 for the year. At December 31, 2017, the market price of Paul Hollywood common stock was $34 per share. I (a) Prepare the journal entries for British Baking Design for 2017 assuming British Baking Design cannot exercise significant influence over Paul Hollywood (20%