ID: A Name: ID: A 3. On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company S205,000 For the year ending, December 31, McGuire earned Income of $48,000 and paid dividends 14,000. On January 1 of the following year Todd sold the investment in McGuire for $215,000 Required: Prepare the entries for Todd Company fon January 2, Todd Company acquired of the outstanding stock of McGuire Company for $205,000. 10 points For the year ending. December 31, McGuire earned income of $48,000. 10 points For the year ending, December 31, McGuire paid dividends of $14,000. 10 points On January 1 of the following year Todd sold the investment in McGuire for $215,000. 10 points 3