Simmons Corporation owns stock of Armstrong, Inc prior to 2010 the investment was accounted for using the equity method. In early 2010, Simmons sold part of its investment in Armstrong, and began using the fair value method. In 2010, Armstrong earned net income of $80,000 and paid dividends of $95,000. Prepare Simmons’s entries related to Armstrong’s net income and dividends, assuming Simmons now owns 10% of Armstrong’s stock.