On January 1, 2019, McCoy Corporation purchased 300,000 of the 1,000,000 outstanding common
shares of Sulu Corporation for $15 per share cash. During 2019, Sulu Corporation paid cash
dividends to shareholders of $1.10 per share and reported net income of $5,100,000. On
December 31, 2019, the fair market value of the Sulu shares was $18 per share.
REQUIRED:
A.	Give all of the necessary journal entries required for the year 2019 to account for McCoy's
	investment in the Sulu common stock.
B.	Indicate the accounts and their balances that would appear on McCoy's 2019 financial
	statements related to the investment.