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On January 2, a company purchased 11,700 shares of FIT Corporation common stock at $15...

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Accounting

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On January 2, a company purchased 11,700 shares of FIT Corporation common stock at $15 per share for $175,500 cash. This represents 30% of FIT Corporation's outstanding stock. On August 6. FIT Corporation declared and paid cash dividends of $4.00 per share. On December 31, FIT reported net income of $167,000. (1) - (3) Prepare entries for the purchase of shares, receipt of the company's share of FIT dividends, and December 31 year-end adjustment for company's share of FIT net income

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