Parade Corp. had S10,000,000 in its Cash account on January 1, Year 1. On January 2, Year 1, Parade Corp. paid S5,000,000 cash to acquire 400,000 shares of stock in Band Corp. These shares represent 40% ofBand Corp.'s total outstanding stock. Parade accounted for this acquisition using the equity method. Prepare the journal entry required to record this transaction and, after entering the beginning Cash account balance, post it to the appropriate T-accounts: 1. Jan. 2 For the year ended December 31, Year 1, Band Corp. earned S800,000 in net income. Prepare the journal entry required to record this transaction and update the appropriate T-accounts: 2. Dec. 31 3. On December 31, Year 1, Band Corp. declared and paid $500,000 in dividends. Prepare the journal entry required to record this transaction and update the appropriate T-accounts: Dec. 31