Journalizing equity investment transactions; $20\%-50\%$ ownership

On January $2,20$Y$4,$ Whitworth Company acquired $40\%$ of the outstanding stock of Aloof Company for $$360,000.$ For the year ended December $31,204,$ Aloof Company earned income of $$160,000$ and paid dividends of $$10,000.$ On January $31,20Y5,$ Whitworth Company sold all of its investment in Aloof Company stock for $$416,000.$

Journalize the entries for Whitworth Company for the purchase of the stock, the share of Aloof income, the dividends received from Aloof Company, and the sale of the Aloof Company stock. If an amount box does not require an entry, leave it blank.

$20$Y$4$ Jan. $2$

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$1$

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$20$Y$4$ Dec. $31$

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$20$Y$4$ Dec. $31$

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$20$Y$5$ Jan. $31$

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