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Rowan Company purchases 900 common shares (40%) of JBI Corporation as a long-term investment for $580,000 cash on January 1. JBI paid $11,000 in total cash dividends on November 1 and reported net income of $220,000 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.