On January 1, Lifestyle Pools purchased 25% of Marshall Fence's common stock for $700,000 cash. By the end of the year, Marshall Fence reported net income of $160,000 and paid dividends of $60,000 to all shareholders. Required: For Lifestyle Pools, record the initial purchase and its share of Marshall Fence's net income and dividends for the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. On January 1, Lifestyle Pools purchased 25% of Marshall Fence's common stock for $700,000 cash. By the end of the year, Marshall Fence reported net income of $160,000 and paid dividends of $60,000 to all shareholders. Required: For Lifestyle Pools, record the initial purchase and its share of Marshall Fence's net income and dividends for the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. On January 1, Lifestyle Pools purchased 25% of Marshall Fence's common stock for $700,000 cash. By the end of the year, Marshall Fence reported net income of $160,000 and paid dividends of $60,000 to all shareholders. Required: For Lifestyle Pools, record the initial purchase and its share of Marshall Fence's net income and dividends for the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits