P16-48 Keady's Concrete acquired 30% of the outstanding common stock of Washburn, Inc. Prepare entries tonder the cost on January 1, 2008, by paying $1,600,000 for 60,000 shares. Washburn declared and paid a $0.50 and equity methods and fabu- per share cash dividend on June 30 and again on December 31, 2008. Washburn reported net in- late differences come of $600,000 for the year. At December 31, 2008, the market price of Washburd's common (SO3) stock was $30 per share. (a) Total dividend revenue $60,000 Instructions (a) Prepare the journal entries for Keady's Concrete for 2008 assuming Keady's cannot exercise significant indluence over Washburn. (Use the cost method and assume Washbuit common stock should be classified as available-for-sale.) (h) Prepare the journal entries for Keady's Concrete for 2008, assuming Keady's can exercise significant influeuce over Washburn. (Use the equity method.) (c) In tabular form, indicate the investment and income account balances at December 31, 2008, under each method of accounting (b) Revenue from investments $180,000