On January 1, Jordan Incorporated acquired 30% of the outstanding voting shares of Rosewell Company at a cost of $2,610,750 by acquiring 88,500 of the total 295,000 outstanding shares at a cost of $29.50 per share. During the year, Rosewell reported $1,238,000 in net income and declared and paid $1.35 per share dividends. At the time of acquisition, the book value of Rosewell'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 Rosewell Company. (Record debits first, then credits. Exclude explanations from any journal entries.) Account January 1, Current Year