On January 1, 2019, X Inc. purchased 12% of the voting shares of Y Inc. for $100,000. The investment is reported at cost. X does not have significant influence over Y. Y's net income and declared dividends for the following three years are as follows:

	Net Income	Dividends
2019	$50,000	$20,000
2020	$70,000	$80,000
2021	$30,000	$60,000

Required

a- Prepare  journal entries to record X's acquisition of Y's shares on January 1, 2019?

b- Prepare journal entries to record X's share of Y's net income for 2019?

c-Prepare journal entries to record X's share of Y's dividends paid for 2019?

d-Prepare journal entries  to record X's share of Y's dividends paid for 2020?

e-Prepare journal entries to record X's share of Y's dividends paid for 2021?

f-What would be the carrying value of X's Investment in Y at the end of 2021?

g-Prepare journal entries  to record X's acquisition of Y's shares?