On January 1, 2014, Ironman, Inc. purchased 30percentage of the stock of a related party, Tony Stark Enterprises for dollar 800,000 cash. (dollar 20 per share) After the transaction, Ironman was able to exert significant influence over Stark. On December 1. 2014 Stark paid cash dividends of dollar 120.000. Stark' net income for the year ended December 31, 2014 was dollar 400,000. On December 31, Stark' stock was trading at dollar 29 per share. Instructions: Prepare Ironman's journal entry to record the purchase of Stark's stock. Prepare Ironman's journal entries for December 1. Prepare Ironman's December 31 entry (or entries). Assume instead that Ironman's purchase resulted in a 10percentage ownership of Stark Enterprises, and Ironman classified the investment as available for sale. What would be the entries on December 1^st and 31^st