Problem 5. On January 2, Froxel Company purchased 10,000 shares of Sandia Corp. common stock at $19 per share. This represents 30% of Sandia Corp.'s outstanding stock. On August 6, Sandia Corp. declared and paid cash dividends of $1.75 per share, and on December 31 it reported net income of $150,000. Prepare the necessary entries for Froxel to account for these transactions and events. Answer: Jan 2 Aug 6 Dec 31