On January $1,$ Ollinger Company purchased a $25\%$ equity investment in Fava Company for $$300,000.$ At December $31$ Fava declared and paid a $$20,000$ dividend and reported net income of $$120,000.$

$($a$)$

Journalize the transactions. $($Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

Attempts: $0$ of $1$ used

$($b$)$

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