Rod Corporation purchased 30 percent ownership of Stafford Corporation on January 1, 20X4, for \(\$ 65,000\), which was \(\$ 10,000\) above the underlying book value. Half the additional amount was atributable to an increase in the value of land held by Stafford Corporation, and half was due to an increase in the value of equipment. The equipment had a remaining economic life of five years on January 1, 20X4. During 20X4, Stafford Corporation reported net income of \(\$ 40,000\) and paid dividends of \(\$ 15,000\).

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Give the journal entries recorded by Rod Corporation during \(20 \mathrm{X} 4\) related to its investment in Stafford Corporation, assuming Rod Corporation uses the equity method in accounting for its investment.