Exercise 3 (15Points) Godfrey Corporation obtained significant influence over Sergei Company by buying 40% of Sergei's 400,000 outstanding shares of common stock at a cost of $15 per share on January 1, 2019. On June 30, Sergei Company declared and paid a cash dividend of $250,000 on their shares outstanding. On December 31, Sergei's reported net income was $750,000. Instructions: Prepare all necessary journal entries for Godfrey Corporation. Debit Credit Date Title and Explanation