Porton Company acquired most of the stock of Suzy Corporation on January 1st. Detailed below are the purchase details as well as Suzy's total Net Income and total Dividend payments for the first two years after Porton acquired them. Year 1 and Year 2 are consecutive years (e.g. 2017 and 2018)

To Do:

1.) Account for the investment by preparing all journal entries, including the initial investment, for Porton Company for both Year 1 AND Year 2. Porton uses the cost method to account for investments.

Information:

Purchase Price	$350,000
Percentage Purchased	80%
Net Income - Year 1	$30,000
Dividends - Year 1	$10,000
Net Income - Year 2	$45,000
Dividends - Year 2	$75,000