On January 1,Austin Corporation Purchased 30% of the Outstanding Voting

On January 1,Austin Corporation purchased 30% of the outstanding voting common stock of San Marcos Industries common stock for $270,000 cash.On that date,the book value and fair value of San Marcos Industries were $900,000.On June 30,San Marcos paid cash dividends of $20,000 to its shareholders.San Marcos' net income as of December 31 was $120,000.The fair value of the shares on December 31 was $300,000.
Prepare the journal entries necessary to record the above transactions on Austin Corporation's books during the year.