On January 1 Jett Corporation purchased a 30% equity in Dexter Corporation for 220,000. At December 31 Dexter declared and paid a 60,000 cash dividend and reported net income of 200,000. Instructions (a) Joumalize the 3 different transactions on Jan 1 and Dec 31 (2 transactions) (9 marks) (b) Determine the amount to be reported as an investment in Dexter at December 31. (3 marks) Selected Answer: Jan 1 Dr. Stock investement Cr. Cash.. 220,000 220,000 Dec 31 Dr. Cash (60,000 x 0.40)............24000 Cr. Stock investement.. Dr. Stock investement (200,000 x0.40) Cr. Revenue from investement... B. 80000-24000=56000 Correct Answer: Date Account Name January 1 December 31 December 31 24000 80000 80000 Dr S CS