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On January 5, Jones Ventures Inc. purchased 40% of the outstanding stock of Pilots Manufacturing Corp. The purchase was 20,000 shares at $10 per

On January 5, Jones Ventures Inc. purchased 40% of the outstanding stock of Pilots Manufacturing Corp. The

On January 5, Jones Ventures Inc. purchased 40% of the outstanding stock of Pilots Manufacturing Corp. The purchase was 20,000 shares at $10 per share. Jones received dividends from Pilots in the amount of $15,000 on June 15 and again on December 15. Pilots reported net income for the year ended December 31 in the amount of $200,000. What is the journal entry, if any, that Jones needs to make dated December 31?

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