On January 2, 2019, Todd Company acquired 35% of the outstanding stock of McGuire Company for $250,000. For the year ending, December 31, McGuire earned income of $100,000 and paid dividends of $20,000 Required: (Shows computations and references are required) Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire. Debit Credit On January 2, 2019, Todd Company acquired 35% of the outstanding stock of McGuire Company for $250,000. For the year ending, December 31, McGuire earned income of $100,000 and paid dividends of $20,000 Required: (Shows computations and references are required) Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire. Debit Credit