On January 1, Austin Corporation invested in San Marcos Industries common stock for $270,000 cash. On that date, the book value and fair value of San Marcos Industries were $900,000. On June 30, San Marcos paid cash dividends of $20,000 to its shareholders. San Marcos net income as of December 31 was $120,000. The fair value of the shares on December 31 was $300,000. Prepare the journal entries necessary to record the above transactions on Austin Corporation's books during the year, assuming Austin Corporation purchased 10% of the outstanding common shares classifies the investment as available-for-sale security. Austin Corporation purchased 30% of the outstanding common shares and has significant influence