Required information [The following information applies to the questions displayed below.] Rowan Company purchases 400 common shares (40%) of JBI Corporation as a long-term investment for $530,000 cash on January 1. JBI paid $7,250 in total cash dividends on November 1 and reported net income of $145,000 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. View transaction list Journal entry worksheet < 1 2 3 Record the purchase of JBI shares. Note: Enter debits before credits. Date Jan 01 General Journal Debit Credit Record entry Clear entry View general journal