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Rowan Company purchases $500$ common shares $(40\%)$ of JBI Corporation as a long$-$term investment for $$540,000$ cash on January $1.$ JBI paid $$8,000$ in total cash dividends on November $1$ and reported net income of $$160,000$ 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.

Journal entry worksheet

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$2$

$3$

Record the purchase of JBI shares.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,,,],[,,,],[,,,],[,,,]]$