On January 1, 2023, Bactin Corporation acquired 10% of Oakton Company for $100,000. On that date, the total book value and fair value of Oakton's identifiable net assets was $900,000. Any difference between cost and fair value is attributable to goodwill. In 2023, Oakton reported net income of $60,000 and paid dividends of $30,000. On January 1, 2024, Bactin Corporation bought another 10% of Oakton for $100,000, and on that date, the book value and fair value of Oakton's net assets still was $900,000 (the fair value of Oakton did not change during 2023). Bactin concluded that its 20% ownership now allowed it to significantly influence Oakton's operations. In 2024, Oakton reported net income of $80,000 and paid dividends of $40,000. Required: Prepare all journal entries for Bactin for 2023 and 2024, assuming no change in fair value of the Oakton stock during that time period. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet 3 Record the purchase of another 10% of Oakton for $100,000 when the book value and fair value of Oakton's net assets still was $900,000 on January 1, 2024. Record the change in relationship due to purchase of 20% of Oakton which now allows it to significantly influence Oakton's operations. i X Debit Credit 100,000 100,000 3,000 3,000 100,000 100,000 Record the receipt of dividend for its share of investment for 2024 when Oakton reported net income of $80,000 and paid dividends of $40,000. 3,000 3,000 Record the receipt of share of revenue for 2024 when Oakton reported net income of $80,000 and paid dividends of $40,000. 8,000 8,000 Note: journal entry has been entered Investment revenue 16,000 16,000