On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending December 31, McGuire earned income of $48,000 and paid dividends of $14,000.

Required:

Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income, and dividends received from McGuire.

Jan. 2		fill in the blank 2
			fill in the blank 4
Dec. 31		fill in the blank 6
			fill in the blank 8
Dec. 31		fill in the blank 10
			fill in the blank 12