on January 1st lion Corporation purchased a 25% Equity investment and Shane Corporation for $150,000. At the cember 31st Shane declared and paid an $80,000 cash dividend and reported net income of $380,000 journalize the transactions.

Kimmel, Accounting, 6e Help I System Announcements Exercise H-4 On January 1, Lyon Corporation purchased a 2S% equity investment in Shane Corporation for $150 and reported net income of $380,000. Journalize the transactions. (Credit account titles are automatically indented when the amoun the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record receipt of dividend) (To record revenue from investment) Determine the amount to be reported as an investment in Shane stock at December 31