Obtained significant influence over Webster Inc. by buying 30% of Webster's 100,000 common shares at a total cost of $24 per share on January 1, 2016. On June 15, Webster declared and paid a cash dividend of $1.50 per share. On December 31, Webster's reported net earnings were $300,000 and Websters share price drop to $20 per share.

Instructions

Prepare all necessary journal entries in 2016 for investment in Webster Inc.