Gusto Rhonda Company purchased 35,000 shares of common stock of Payme Corporation as a long-term investment for $1.170.000 Corporation reported net income of $390,000 and paid dividends of $150,000 Instructions (a) Assuming that the 35,000 shares represent a 10% interest in Payme, Corporation 1. Prepare the journal entry to record the investment in Payme stock. 2. Prepare any entries that Rhonda Company should make in accounting for its investment in Payme stock during the yea 3. What is the balance of the Stock Investments account on Rhonda Company's books at the end of the year? b) Repeat requirement (a) above except assume that the 35,000 shares represent a 20% interest in Payme Corporation. Instrwctions Using the table provided below, prepare the journal entries for the above transactions. Remember Journal entries do not have dollar signs. If you include dollar signs in your answer, your answer will be incorrect. Please inclus pplicable. Please do not abbreviate account titles. Remember to spell accounts correctly. Failure to spell accounts correctly will result in Dobit Credit OST METHOD record the acquisition: Account Title ord dividend