Prepare journal entries for the transactions below relating to an Equity Investment accounted for using the equity method. a. An investor purchases 14,400 common shares of an investee at $5 per share; the shares represent 25% ownership in the investee and the investor concludes that it can exert significant influence over the b. The investee reports net income of $48,000. investee. c. The investor receives a cash dividend of $1.50 per common share from the investee. d. The investor sells all 14,400 common shares of the investee for $72,300. Ref. a. b. C. d. General Journal Description Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equity investment 0 0