Rowan Company purchases 400 common shares (40%) of JBI Corporation as a long-term investment for $620,000 cash on January 1. JBI paid $14,000 in total cash dividends on November 1 and reported net income of $280,000 for the year. QS 15-16 (Algo) Recording equity method transactions LO P5 (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 Record the purchase of JBI shares. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Journal entry worksheet Record the receipt of the dividend. Note: Enter debits before credits. Date General Journal Debit Credit November 01 Journal entry worksheet 2. Record the adjustment required for the investment account. Note: Enter debits before credits. Date General Journal Debit Credit December 31