Watson Corporation owns equity-method investments in several companies. Suppose Watson paid $1,300,000 to acquire a 40% investment in Smith Software Company. Smith Software reported net income of $690,000 for the first year and declared and paid cash dividends of $420,000. Requirements . Record the following in Watson's journal: (a) purchase of the investment, (b) Watson's proportion of Smith Software's net income, and (c) receipt of the cash dividends 2. What is the ending balance in Watson's investment account? Requirement 1. Record the following in Watson's journal: (a) purchase of the investment, (b) Watson's proportion of Smith Software's net income, and (c) receipt of the cash dividends. (Record debits first, then credits. Exclude explanations from any journal entries.) alio rom air oumars no of Snth (a) Begin by recording the entry for the purchase of the investment in Smith Software Company. Journal Entry Date Accounts Debit Credit (b) Now record the entry for Watson's portion of Smith Software's net income. Journal Entry Date Accounts Debit Credit