On January 1, Poitras Lte, a public company, purchases 20% of Hook Corporations common shares for $250,000

On January 1, Poitras Ltée, a public company, purchases 20% of Hook Corporation’s common shares for $250,000 for strategic purposes. For the year ended December 31, Hook reports profit of $220,000 and pays a $15,000 cash dividend. The fair value of Poitras’s investment in Hook at December 31 is $270,000. Prepare journal entries required assuming Poitras has significant influence over Hook.