Donald Corporation purchased 3,000 shares of the outstanding common voting stock of Apprentice Corporation on January 2,2019,for $80 per share.At the date of purchase Apprentice Corporation had outstanding 10,000 shares of common stock with a par value of $50 per share.During 2019,Apprentice reported net income of $60,000 and declared and paid a $5,000 cash dividend.The December 31,2019,fair value of Apprentice's stock was $84.
Prepare the journal entries required for Donald Corporation on January 2,2019 and December 31,2019.

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The Answer of Donald Corporation purchased 3,000 shares of the outstanding common voting stock of Apprentice Corporation on January 2,2019,for $80 per share.At the date of purchase Apprentice Corporation had outstanding 10,000 shares of common stock with a par value of $50 per share.During 2019,Apprentice reported net income of $60,000 and declared and paid a $5,000 cash dividend.The December 31,2019,fair value of Apprentice's stock was $84.
Prepare the journal entries required for Donald Corporation on January 2,2019 and December 31,2019.

Donald Corporation Purchased 3,000 Shares of the Outstanding Common Voting