Question 9 (13 points) Listen The Scam Corporation reported the following transactions for the year 2017: Jan.1 Obtained significant influence over Farm Company by buying 40% of Farm's 120,000 outstanding shares of common stock at a total cost of $5 per share. June 15 Farm Company declared and paid a total cash dividend of $40,000. Dec. 31 Farm's reported net income was $180,000. Dec. 31 Scam sold all of its holding of Farm shares for $636,000. Required: Page 4 1) Prepare journal entry to record event on January 1, 2017 for the Scam Corporation (2 Points) 2) Prepare journal entry to record event on June 15 for the Scam Corporation (35 Points) Page 5 3) Prepare all 2 journal entries to record events on Dec. 31, 2017 for the Scam Corporation (7.5 points)