On January $1,$ Marcum's Landscape purchased $10,000$ shares $(35\%)$ of the common stock of Atlantic Irrigation for $$470,000.$ Below are

amounts reported by both companies for the year.

Required:

For Marcum's Landscape, record the initial purchase, its share of Atlantic's net income and dividends, and the adjusting entry for

Atlantic's fair value at the end of the year, if appropriate. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal

Entry Required" in the first account field.$)$

Journal entry worksheet

Record the purchase of the investment.

Note: Enter debits before credits.