Preston Company acquired 12% of the 3,000,000 shares of common stock of Richardson cost of $5.50 per share on June 1, 2019. On August 15, cash dividend. On December 31, Richardson Company market reported net income of $975,000 for the year. The securities are classified as available-for-sale Company at a total Richardson Company declared and paid a $375,000 price was $7.00 per share and the company Prepare all journal entries for 2019. Part B (9 points) On January 1, 2019, Marshall Company purchased 35% of Simpson Corporation's 1,000,000 outstanding shares of common stock at a total cost of $10 per share. On October 15, Simpson declared and paid a cash dividend of $0.50 per share. On December 31, Simpson reported a net income of $2,860,000 for the year and the market price of its common stock was $12 per share. Prepare all journal entries for 2019