On January 1, 2018, American Corporation purchased 25% of the outstanding voting shares of Short Supplies common stock for $210,000 cash. On that date, Short's book value and fair value were both $840,000. The equity method is deemed appropriate for this investment. Short's net income reported on December 31, 2018, was $80,000. During 2018, Short also paid cash dividends in the amount of $24,000 Required: Prepare the journal entries necessary to record the above information on American Corporation's books during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit Jan 01 Investment in Short 210,000 Cash 210,000 Dec 31 Investment in Short 20,000 o Gan-Ni 20,000 Dec 31 Cash 6,000 Investment in Short 6000