Part Il: Problems The Phoenix Corporation invested $200,000 in the Sedona Corporation for 25% of sed stock. The Sedona Corporation pays out 35% of its net income in dividends each year. reported net income of $700,000 for the fiscal year just ended. 12. 25% as The Sedona Corporation aCorporation Using the equity method, write the journal entry for the Phoenix Corporation to record the initial investment in the Sedona Corporation. A. Using the equity method, write the journal entry for the Phoenix Corporation to record Sedona's reported net income for the year. B. C. Using the equity method, write the journal entry for the Phoenix Corporation to record Sedona's payment of dividends for the year. Using the equity method, compute the ending balance of the Phoenix's investment in Sedona Corporation. D