1. On January 1, 2019, the Lee Corporation paid $7,000,000 to acquire 75,000 shares of Maverick Corporation common stock. Maverick Corporation declared and paid $1 per share cash dividends on September 15, 2019. Maverick Corporation reported net income of $2,400,000 for the year ended December 31, 2019.

1. Prepare all necessary journal entries for Lee Corporation for 2019 assuming that Lee Corporation does not have significant influence over Maverick Corporation. Be sure to include dates

2. Prepare all necessary journal entries for Lee Corporation for 2019 assuming that Lee Corporation uses the equity method because the company owns 30 % of the Maverick Corporations outstanding common stock and the Lee Corporation can exercise significant influence over Maverick Corporation