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On January 1,2020 , Swifty Corporation purchased 40% of the common shares of Nash Company for $171,000. During the year, Nash earned net income of

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On January 1,2020 , Swifty Corporation purchased 40% of the common shares of Nash Company for $171,000. During the year, Nash earned net income of $79,000 and paid dividends of $19,750. Prepare the entries for Swifty to record the purchase and any additional entries related to this investment in Nash Company in 2020. (Credit account tities are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.) Question 8 of 11 5.25/9 Cash 171000 (To record purchase of stock.) Cash 5925 Dividend Revenue (To record receipt of dividends.) Equity Investments Investment Income (To record income.) eTextbook and Media List of Accounts

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