On July 1, 2016, Clearwater Inc. purchased 7,200 shares of the outstanding common stock of Mountain Corporation at a cost of $152,000. Mountain had 36,000 shares of outstanding common stock. Assume the total book value and fair value of net assets is $710,000. Both companies have a January through December fiscal year. The following data pertains to Mountain Corporation during 2016: Dividends declared and paid, Jan. 1-June 12,600 30 Dividends declared and paid, Jul. 1-Dec. 31 12,600 Net Income, January 1-June 30 14,600 Net Income, July 1-December 31 18,600 Required: 1. Prepare the entry to record the original investment in Mountain. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view general journal view transaction list Journal Entry Worksheet Record the entry for original investment in mountain. Debit Credit Transaction General Journal *Enter debits before credits done clear entry record entry