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On January 1, 2020, Skysong Corporation purchased 20% of the outstanding voting shares in WLT Corporation for $1,220,000. At the time of purchase, WLT's net assets were undervalued by $56,400 and had a remaining useful life of 12 years. Both companies had a December 31 year-end. At the end of 2020, WLT reported a net income of $309,000. Also, on December 31, 2020, the fair value of the investment in WLT shares was $1,350,000. On January 10, 2021, WLT paid a cash dividend. Skysong's ownership entitles it to $39,000 of the dividend.
Question 1: Prepare the journal entries on the books of Skysong Corporation to record the transactions described above, assuming that the 20% interest in WLT does represent significant influence.
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