PARADE CORPORATION 1. Parade Corp. had $10,000,000 in its Cash account on January 1. Year 1. On January 2, Year 1. Parade Corp. paid $5,000,000 cash to acquire 400,000 shares of stock in Band Corp. These shares represent 40% of Band Corp.'s total outstanding stock. Prepare the journal entry required to record this transaction and after entering the beginning Cash account balance, post it to the appropriate T- accounts: Jan. 2 Year 1 60 points 2. For the year ended December 31, Year 1, Band Corp. earned $800,000 in net income. Prepare the journal entry required to record this transaction and update the appropriate T-accounts: Dec. 31 Year 1 60 points 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 Year 1 60 points on March S. Year 2 on March Year 2. Bellows sold all 400,000 shares of its Parade stock for $20 per share. Prepare the journal entry required to record this transaction and update the appropriate T- accounts: Mar. 5 Year 2 Nore: Stars by entering the beginning balances (as of January 1, Year 2) in the first two 7-accounts shown below. + Cash (A)- Jan. 1 Jan. 1