P 1 On January 1, Payton Incorporated acquired 32% of the outstanding voting shares of Mannin Company at a cost of $2,196,000 by acquiring 72,000 of the total 225,000 outstanding shares at a cost of $30.50 per share. During the year, Mannin reported $1,238,000 in net income and declared and paid $1.15 per share dividends. At the end of the year, the shares were trading at $33.50 per share. At the time of acquisition, the book value of Mannin's net assets equaled its market value. Requirements: a) Prepare the journal entry to record the acquisition of the investments. b) Prepare the journal entry to record the end of year 1 entry GENERAL JOURNAL Page 1 POST REF DESCRIPTION DEBIT CREDIT DATE