Harvey Company increased its ownership in Washington Company from 70% to 90% by the purchase of additional shares of the Washingtons outstanding stock from noncontrolling shareholders for a purchase price of $300,000. Immediately prior to the transaction, Harveys consolidated balance sheet included a noncontrolling interest balance of $1,000,000.

17. The journal entry by Harvey to record the purchase includes a net:

a. Equity investment debit, $333,333

b. Equity investment debit, $300,000

c. Equity investment debit, $ 33,333

d. Equity investment debit, $200,000

18. The journal entry by Harvey to record the purchase includes:

a. APIC credit, $300,000

b. APIC credit, $ 33,333

c. APIC credit, $333,333

d. Cash credit, $333,333