Pax Corporation purchased 40% of the outstanding common voting stock of Wow Corporation on December 10, 2019, at a cash cost of $30 per share. At the date of purchase Wow Corporation had outstanding 300,000 shares of common stock (par $1). At year-end, December 31, 2019, Wow reported net income of $900,000 and declared and paid a $200,000 cash dividend. The December 31, 2019, the market value of Wow's stock was $28. Give the journal entries required for Pax Corporation on the following dates:

December 10, 2019:

December 31, 2019: