CE 4 5 AC ON Assignment 5 - Chapter 7,8 Comm 204 - Spring 2020 Question 2 The Atco Corporation reported the following transactions for the year 2019: Jan.1 Sept. 30 Dec. 31 Purchased 35% of the common shares of Utilities Board Corporation for $700,000. This is a long-term investment giving Atco significant influence over the operations of Utilities Board. Received a $42,000 dividend on the Utilities Board Corporation shares. Utilities Board Corporation reported net income of $176,200 for the year ended December 31, 2019. Atco sold 50% of the Utilities Board shares for $400,000. Feb 28 Prepare Journal Entries for the above transactions. Explanations are not required