P Company acquired 80% of the outstanding common stock of Company on January 2, 2016 for $675,000. At that time, S's total stockholders' equity amounted to $1,000,000. S Company reported net income and dividends for the last two years as follows: Reported net income Dividends distributed 2016 $45,000 35,000 2017 $60,000 75,000 Required: Prepare journal entries for P Company for 2016 and 2017 assuming Pure uses: A. The cost method to record its investment B. The complete equity method to record its investment. The difference between implied value and the book value of equity acquired was attributed solely to a building, with a 20-year expected life