QS 15-15 Equity method transactions LO P5 Rowan Co purchases 100 common shares (40%) of JBI Corp. as a long-term investment for $590,000 cash on July 1 JBI Corp. paid $11,750 in total cash dividends on November 1 and reported net income of $235,000 for the year (1)-(3) Prepare Rowan's entries to record the purchase of JBI shares, the receipt of its share of JBI dividends and the December 31 year-end adjustment for its share of JBI net income View transaction list Journal entry worksheet Record the purchase of JBI shares. Note: Enter debits before credits. General Journal Debit Credit Date Jul 01 Record entry Clear entry View general journal Record the receipt of the dividend. Note: Enter debits before credits. General Journal Debit Credit Date Nov 01 Record entry Clear entry View general journal ( 1 2 Tony > Record the adjustment required for the investment account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal