Current Attempt in Progress

Vaughn Corporation purchased for $$277,000$ a $30\%$ interest in Murphy, Inc. This investment enables Vaughn to exert significant

influence over Murphy. During the year, Murphy earned net income of $$183,000$ and paid dividends of $$64,000.$

Prepare Vaughn's journal entries related to this investment. $($List all debit entries before credit entries. 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 $0$ for the amounts.$)$

Account Titles and Explanation

$($To record the purchase.$)$

$($To record the net income.$)$

$($To record the dividend.$)$