Equity Method On January 2, Leonard Company acquired 40% of the outstanding stock of Bristol Company for $320,000. For the year ending December 31, Bristol Company earned income of $83,000 and paid dividends of $26,000. Prepare the entries for Leonard Company for the purchase of the stock, share of Bristol income, and dividends received from Bristol Company. Jan. 2 Dec. 31-Income Dec. 31-Dividends