On 1/1/2016, Company XXXX purchases 40% of the shares of Company zzzz for $ 300,000 cash. On this date, the assets and liabilities of Company ZZZZ have the following values Account Book value Fair value 50,000 50,000 Cash Accounts receivable (net) 30,000 30,000 Inventory 70,000 60,000 Buildings (net) 150,000 170,000 Equipment (net) 200,000 240,000 Land 140,000 150,000 Accounts payable 50.000 50,000 Notes payable 25.000 30,000 Additional information 2. All of the inventory was sold during 2016. b. The building has remaining expected useful life often years (starting from 1/1/2016) c. The equipment has remaining expected useful life of four years (starting from 1/1/2016) d. The notes payable will be paid equally over two years starting from 1/1/2016 e-On 1/4/2016, Company ZZZZ declared and paid cash dividends of S 7,000 1- The net income for Company ZZZZ in 2016 was $ 60,000. Provide the journal entry in company XXXX's books for the dividends on 1/4/2016 Your answer Provide the journal entry in company XXXX's books for the income on 31/12/2016 Your answer Provide the journal entry in company XXXX's books for the inventory cost adjustment on 31/12/2016. Your answer Provide the journal entry in company XXXX's books for the building depreciation adjustment on 31/12/2016. Your