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On January 2, Yorkshire Company acquired 40% of the outstonding stock of Fain Company for $900,000. For the year ended December 31 , Fain earned

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On January 2, Yorkshire Company acquired 40% of the outstonding stock of Fain Company for $900,000. For the year ended December 31 , Fain earned incorme of 5180,000 and paid deidends of $60,000. Soumalize the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends recetved from Fain Comparty. If an amount box does not require an entry, leave it blank. 3s De "Chick My Wor: Incrosse the irvestmitit and reduce Coch for the price of the ovitutanding thock. Increste both the irweatmeet and income by the 40% share of earned income froen Fain Company Preduce the investment and increase cash by the 40% share tries paid dividends

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