On July 1, 2017 Johnson company purchased of cash 30% of the outstanding voting common stock of ace corporation. Both Johnson and ace have a December 31 year end. Ace corporation, whose common stock is activity traded on the New York Stock Exchange, paid a cash dividend $460,000 no November 15, 2015 to Johnson company and its other stockholders. It also reported its total net income for the year of $920,000 to Johnson company. you are to prepare a mamorandom of indstuctions on how johnson company should report the above facts in its december 31, 2017 balance sheet and its December 31,2017 income statment