Randell Company has gained significant influence by investing in 30% of Baldwin Inc.s 30,000 outstanding shares on January 1, 2017. The cost of the investment is $9 per share. On June 15, 2017, Baldwin Inc. declared and paid cash dividends of $36,000 to all stockholders. On December 31, 2017, Baldwin reported a net income of $85,000.

Prepare a journal entry for the purchase of investment in Randells book, make a journal entry to record the receipt of cash dividend on June 15 in Randells book, and make an adjustment entry as of December 31, 2017 in Randells book.