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On January 2, 20Y7, Mikedes Company acquired 42% of the outstanding stock of Violet Company for $552,500. For the year ended December 31 , 20Y7.

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On January 2, 20Y7, Mikedes Company acquired 42% of the outstanding stock of Violet Company for $552,500. For the year ended December 31 , 20Y7. Violet Company earned income of $135,100 and paid dividends of $20,700. On January 31, 20Y8, Mikedes Company sold all of its Investment in Violet Company stock for $606,548. Required: Journalize the entries for Mikedes Company for the purchase of the stock, the share of Violet income, the dividends received from Violet Company, and the sale of the Volet Company stock. Refor to the chart of accounts for the exact wording of the account tities. CNOW Journals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. 'CNOW joumais will automatically indent a credit entry when a credit amount is entered

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