On May 1, 2020, Wang Company, a public company, acquired 189,760 of the 593,000 outstanding common shares from Preston Company for a total of $1,731,000. This investment is part of Wang Company's long-term business diversification plan. Wang Company's year-end is December 31. During 2020, the following investment activities occurred. 1) Preston Company recorded an annual net income of $839,000 for its 2019-2020 fiscal year- end of June 30, 2020. 2) Preston Company paid a cash dividend of $291,000 on July 30, 2020. Required Prepare journal entries to record the acquisition of shares by Wang Company, the revenue of investment from Preston Company on June 30, 2020 and the receipt of cash dividends on July 30, 2020. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Required Prepare journal entries to record the acquisition of shares by Wang Company, the revenue of investment from Preston Company on June 30, 2020 and the receipt of cash dividends on July 30, 2020 Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Date Account Title and Explanation Debit Credit May 1 To record acquisition of common shares Date Account Title and Explanation Debit Credit May 1 To record acquisition of common shares Jun 30 To record profit on equity investment Jun 30 To record dividends received on equity investment