Partially correct Mark 13.00 out of 1200 P Flag question On May 1, 2020, Wang Company, a public company, acquired 128,750 of the 515.000 outstanding common shares from Zahra Company for a total of $1,939,000. This investment is part of Wang Company's long-term business diversification plan Wang Company's year-end is December 31, and it chooses to use the equity method of accounting for its strategic investments During 2020, the following investment activities occurred. 1) Zahra Company recorded an annual net income of $979,000 for its 2019 2020 fiscal year end of June 30, 2020 2) Zahra Company paid a cash dividend of $242,000 on July 30, 2000 Required Prepare journal entries to record the acquisition of shares by Wang Company, the revenue of investment from Zahra Company on June 30, 2020 and the receipt of cash dividends on July 30, 2020. For simplicity, calculate any share of profit strictly as a percentage of the current holdings, although those shares have not been held for a full year