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On January 1, 2020, Teal Corporation purchased 40% of the common shares of Flint Company for $191,000. During the year, Flint earned net income

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On January 1, 2020, Teal Corporation purchased 40% of the common shares of Flint Company for $191,000. During the year, Flint earned net income of $71,000 and paid dividends of $17,750. Prepare the entries for Teal to record the purchase and any additional entries related to this investment in Flint Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) unt Titles and Explanation ecord purchase of stock.) ecord receipt of dividends.) ecord income.) Debit Credit

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