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Problem 1: On January 2, 2019, Kendrick Corp. purchased 10,000 shares of the stock of Grande Company, and did not obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $10 per share, and represents a 10% ownership stake. Grande Company made $20,000 of net income in 2019, and paid dividends of $8,000 on December 15, 2019. On December 31, 2019, Grande Company's stock was trading on the open market for $12 per share at the end of the year. Use this information to make the General Journal entry(ies) for January 2 purchase and the December 15 & 31, 2019 record of income & gain/loss.
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