S Reden Corporation purchased 35 percent of Montgomery Company's common stock on January 1, 20X9, at underlying book value of $223,300. Montgomery's balance sheet contained the following stockholders' equity balances: Preferred Stock ($4 par value, 48,000 shares issued and outstanding) Common Stock ($1 par value, 135,000 shares issued and outstanding) Additional Paid-In Capital Retained Earnings Total Stockholders' Equity $ 192,000 135,000 184,000 319,000 $ 830,000 Montgomery's preferred stock is cumulative and pays a 5 percent annual dividend. Montgomery reported net income of $97,000 for 20X9 and paid total dividends of $50,000. Required: Give the journal entries recorded by Reden Corporation for 20X9 related to its investment in Montgomery Company common stock. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list