On January 1 Sanchez Corporation purchased a 35% equity interest in Lawton Company for $380000. At December 31 Lawton declared and paid a $40000 cash dividend and reported net income of $98000. Prepare the necessary journal entries for Sanchez Corporation.

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The Answer of On January 1 Sanchez Corporation purchased a 35% equity interest in Lawton Company for $380000. At December 31 Lawton declared and paid a $40000 cash dividend and reported net income of $98000. Prepare the necessary journal entries for Sanchez Corporation.

On January 1 Sanchez Corporation Purchased a 35% Equity Interest