On January 1, Kramer Incorporated acquired 36% of the outstanding voting shares of Sheldon Company at a cost of $2,515,500 by acquiring 77,400 of the total 215,000 outstanding shares at a cost of $32.50 per share. During the year, Sheldon reported $1,238,000 in net income and declared and paid $2.15 per share dividends. At the time of acquisition, the book value of Sheldon'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 Sheldon Company. (Record debits first, then credits. Exclude explanations from any journal entries.) Account January 1, Current Year * Requirements .X a. Prepare the journal entry required to record the acquisition of the investment in Sheldon Company b. Prepare the journal entry required to record Kramer's share of the investee's net income C. Prepare the journal entry required to record the receipt of the cash dividends. What is the carrying value of Kramer's investment in Sheldon Company at the end of the year? d. Print Done