Wildhorse Company purchased 51,240 shares of common stock of the Blossom Corporation as an investment for $1,220,000. During the year, Blossom Corporation reported net income of $488,000 and paid dividends of $122,000. (a) Assuming that the 51,240 shares represent a 15% interest in Blossom Corporation: 1. Prepare the journal entry to record the investment in Blossom stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit 2. Prepare any entries that Wildhorse Company should make in accounting for its investment in Blossom stock during the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entr before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) SUPPORT

Assuming that the 51,240 shares represent a 25% interest in Blossom Corporation: 1. Prepare the journal entry to record the investment in Blossom stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2. Prepare any entries that Wildhorse Company should make in accounting for its investment in Blossom stock during the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)