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

1		Book Value	Fair Value
2	Depreciable assets (remaining life, 8 years)	$600,000.00	$620,000.00
3	Other non-depreciable assets	290,000.00	300,000.00
4	Total	$890,000.00	$920,000.00
5	Liabilities	$300,000.00	$330,000.00
6	Shareholders equity	590,000.00
7	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.

6 Entries

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
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6