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Exercise 4-1 Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time of purchase, Song Company's total stockholders' equity amounted to $480,500. Income and dividend distributions for Song Company from 2014 through 2016 are as follows: 2014 2015 2016 Net Income (loss) $65,000 $50,400 ($53,700 ) Dividend distribution 23,900 52,200 36,200 Prepare journal entries on the books of Percy Company from the date of purchase through 2016 to account for its investment in Song Company under each of the following assumptions:(c) Your answer is partially correct. Try again. Percy Company uses the complete equity method to record its investment. The difference between book value of equity acquired and the value implied by the purchase price was attributed solely to an excess of market over book values of depreciable assets, with a remaining life of 10 years. (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.) Date Account Titles and Explanation Debit Credit 2014 Investment in Subsidiary 406,000 Cash 406,000 (To record the investment in Song Company) Investment in Subsidiary 52,000 Equity Income 52,000 (To record equity income (loss)) X X Cash 19,120 w Investment in Subsidial 19,120 (To record amortization) X X Equity Income 2,160 Investment in Subsidial 2,160 (To record dividend income)2015 Investment in Subsidiary 40,320 Equity Income 40,320 (To record equity income (loss)) X X Cash 41,760 x Investment in Subsidial 41,760 (To record amortization) x Equity Income 2,160 X Investment in Subsidial 2,160 (To record dividend income) 2016 Equity Loss w 42,960 Investment in Subsidial 42,960 (To record equity income (loss)) X Cash 28,960 X Investment in Subsidial 28,960 (To record amortization) x Equity Income 2,160 Investment in Subsidial 2,160 (To record dividend income)