On January 1, Farley Incorporated acquired 26% of the outstanding voting shares of Garvin Company at a cost of $2,109,250 by acquiring 71,500 of the total 275,000 outstanding shares at a cost of $29.50 per share. During the year, Garvin reported $1,238,000 in net income and declared and paid $1.65 per share dividends. At the time of acquisition, the book value of Garvin's net assets equaled its market value Read the requirements Requirement a. Prepare the journal entry required to record the acquisition of the investment in Garvin Company. (Record debits first, then credits. Exclude explanations from any journal entries.) Account January 1, Current Year i Requirements a. Prepare the journal entry required to record the acquisition of the investment in Garvin Company. Prepare the journal entry required to record Farley's share of the investee's net income. Prepare the journal entry required to record the receipt of the cash dividends. What is the carrying value of Farley's investment in Garvin Company at the end of the year? Print Done