Problem #2 Markle & Co. obtained significant influence over Wall & Co. by buying 25% of Wall's 100,000 outstanding shares of common stock at a cost of $22 per share, on January 1, 2020. On July 15th, 2020, Wall declared and paid a cash dividend of $200,000. On December 31, 2020, Wall reported a net profit of $400,000 for the year. Prepare all necessary journal entries for 2020 for Markle & Co