Panda Company purchased 2,100 shares of the Kanga Group common stock for $65,100 (i.e., S31 per share) at the beginning of the current year. There were 42,000 outstanding Kanga shares on the date of acquisition. Total stockholders' equity of Kanga Company is $1,075,000 on the date of acquisition. Kanga reported $400,000 in net income and declared and paid $1.80 per share cash dividends at year-end. Read the requirements Requirement a. Prepare the journal entry to record the purchase of the Kanga shares. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Acquisition 0 Requirements - X (Assume that Panda has no significant influence over the investee companies.) a. Prepare the journal entry to record the purchase of the Kanga shares. b. Prepare the journal entries necessary to reflect Panda's share of Kanga's dividends. c. Prepare the journal entry required to adjust Panda's investment to its fair value of $47 per share at year-end. d. Prepare the journal entry necessary to rece the sale of 1,050 Kanga shares for $56 per share at the beginning of the next year. Print Done