Question Randell Company has acquired significant influence by investing in 30% of Baldwin Inc.'s 30,000 outstanding shares on January 1, 2020. The cost of the investment is $9 per share. On June 15, 2020, Baldwin Inc. declared and paid cash dividends of $36,000 to all stockholders. On December 31, 2020, Baldwin reported a net income of $85,000. 1) Prepare a journal entry for the purchase of investment on January 1, 2020 in Randell's book. 2) Make a journal entry to record the receipt of cash dividend on June 15, 2020 in Randell's book. 3) Make an adjustment entry as of December 31, 2020 in Randell's book