On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle Corporations common stock when Eagle had 22,400 shares outstanding. On that date, the following information pertained to Eagle:

Eagle Corporation Balance Sheet January 1, 2016

Depreciable assets (remaining life, 8 years) Book Value $600,000.00 Fair Value $620,000.00 Other non-depreciable assets Book Value 290,000.00 Fair Value 300,000.00 Total Book Value $890,000.00 Fair Value $920,000.00 Liabilities Book Value $300,000.00 Fair Value $330,000.00 Shareholders equity Book value $590,000.00 Total $890,000.00 During 2016, Eagle earned net income of $120,000 and paid total dividends of $48,000. Required: Prepare the journal entries of Tiger related to its share of Eagles net income and dividends in 2016.

Prepare the journal entries of Tiger on December 31 related to its share of Eagles net income and receipt of dividends in 2016. (6 Accounts)