On January 2, a company purchased 10,500 shares of FIT Corporation common stock at $17 per share for $178,500 cash. This represents 30% of FIT Corporation's outstanding stock. On August 6, FIT Corporation declared and paid cash dividends of $3.00 per share. On December 31, FIT reported net income of $155,000. (1) - (3) Prepare entries for the purchase of shares, receipt of the companys share of FIT dividends, and December 31 year-end adjustment for companys share of FIT, A- Record ten purchase of shares. B- Record the receipt of the company share of FIT dividends. C-Record the year- end adjustment for companies share of FIT net income.