On January 1, 2016, Bravo- Zulu Company purchased 10,000 shares of the stock of Rayco, and did obtain significant a 30% ownership stake. Rayco made $25,000 of net income in 2016, and paid dividends of $10,000. Requirements: inftuence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a. Prepare the January 1 and December 31 general journal entries for Bravo Zulu Company. b. How much should the Bravo- Zlu Company report on the balance sheet for the investment in Rayco at the end of 2016