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On January 1, Grey Corporation purchased, as long-term investments, 5 percent of the voting stock of Hoe Corporation for $100,000 and 30 percent of the

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On January 1, Grey Corporation purchased, as long-term investments, 5 percent of the voting stock of Hoe Corporation for $100,000 and 30 percent of the voting stock of Rake Corporation for $200,000. During the year, Hoe Corporation had earnings of $40,000 and paid dividends of $25,000, and Rake Corporation had earnings of $20,000 and paid dividends of $10,000. The market value of the Hoe stock is $112,000 at year-end. The market value of the Rake stock is $240,000. Prepare journal entries without explanations to record all information as appropriate in Grey Corporation's general journal. hetha o euch ***USE THE NEXT PAGE TO RECORD YOUR JE(s)

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