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On January 1 of the current year, PurchaseAgent.com acquired 35 percent (800,000 shares) of the common stock of E-Transaction Corporation. The accounting period for both

On January 1 of the current year, PurchaseAgent.com acquired 35 percent (800,000 shares) of the common stock of E-Transaction Corporation. The accounting period for both companies ends December 31. July 2 E-Transaction declared a cash dividend of $0.25 per share. July 16 E-Transaction paid the cash dividend declared on July 2. December 31 E-Transaction reported net income of $400,000. Perpare the journal entries for each of the above transactions that occurred during the current year for PurchaseAgent.com E-Transaction declared a cash dividend of $0.25 per share

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