SONGSLEEN On January 4, Year 1, Ferguson Company purchased 75,000 shares of Silva Company directly from one of the founders for a price of $40 per share. Silva has 300,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Siva paid $203,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $674,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva BLANKSHEETAL.. ALGO a. Provide the Ferguson Company journal entries for the transactions involving its investment in Silva Company during Year 1. BLANKSHEETAL.. Year 1, Jan. 4 ALGO ALGO Yeali. July 2 Year 1, Dec. 31 b. Determine the December 31, Year 1, balance of Investment in Silva Company Stock 417 items Check My Work 2 more Check My Work uses remaining Previous Next > core: 5 Email Instructor Save and Ex Submit Assignment for Grading