$10-4$ Accounting for equity investments

On January $1,2024,$ Bryant, Inc. decides to invest in $3,750$ shares of Farrier stock when the stock is selling for $$16$ per share. On August $1,2024,$ Farrier paid a $$0\mathrm{.}70$ per share cash dividend to stockholders. On December $31,2024,$ Farrier reports net income of $$50,000$ for $2024.$ Assume Farrier has $15,000$ shares of voting stock outstanding during $2024$ and Bryant has significant influence over Farrier.

Journalize Bryant's purchase of shares and Farrier's payment of dividends.