On January 1, 2016, Rapid Corporation Purchased 25% of a Foreign

On January 1, 2016, Rapid Corporation purchased 25% of a foreign firm when its stockholders' equity section totaled 240,000 FCs.Rapid Corporation paid 75,000 FCs, with the excess over book value being attributed to equipment with a 5-year useful life.The foreign firm reported net income of 80,000 FCs for 2016.Relevant exchange rates were as follows:
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$\begin{array}{lr}\text { Date } & 1 \text { FC equal to } \\\text { January } 1,2016 & \$ 0.30 \\\text { December 31,2016 } & \$ 0.35 \\\text { Average 2016 } & \$ 0.33\end{array}$
Required:
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Prepare the journal entries necessary to record the events concerning Rapid's investment in the foreign firm.