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Current Attempt in Progress On January 1, 2020, Sunland Corporation purchased 20% of the common shares of Coronado Company for $164,000. During the year, Coronado

Current Attempt in Progress On January 1, 2020, Sunland Corporation purchased 20% of the common shares of Coronado Company for $164,000. During the year, Coronado earned net income of $79,000 and paid dividends of $19,750. Prepare the entries for Sunland to record the purchase and any additional entries related to this investment in Coronado Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record purchase of stock.) (To record receipt of dividends.) (To record income.)

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