On March 1, Year 1, Chase Inc. purchases 35% of the outstanding shares of Glory Corporation stock for $325,000. On December 31, Year 1, Glory reports net income of $162,000. On January 15, Year 2, Glory pays total dividends to stockholders of $33,000.Journalize the three transactions.

Outstanding Shares

The cumulative quantity of a business's stocks that are distributed to and possessed by the stockholders.

Net Income

The amount of profit a company generates after accounting for all expenses, taxes, and costs.

Total Dividends

The sum of all dividend payments made by a company to its shareholders during a specific period.