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On January 1, Year 10, Garland Company, a calendar-year entity, purchased 40% of Tinsel, Inc.'s outstanding common shares for $800,000. This amount equaled the carrying amount and fair value of the interest purchased in Tinsel's net assets on that date. Garland Company did not elect the fair value option. Garland's 40% interest gave it the ability to exercise significant influence over Tinsel. Tinsel, Inc., reported $960,000 of net income for the year, which was earned uniformly during the year. On December 29, it paid $120,000 of dividends. On July 1, Year 11, Garland Company sold 10% of its stock in Tinsel, Inc., for $150,000 cash. Tinsel reported earnings of $500,000 for the 6 months ended June 30, Year 11. Select from the options list provided whether each account should be debited or credited by Garland Company for each transaction below. Each choice may be used once, more than once, or not at all. Then, enter the appropriate amounts in the designated cells. Enter all amounts as positive values. Round all amounts to the nearest whole number.

Transaction Account Debit or Credit Amount

1. Purchase of 40% of Tinsel stockInvestment in Tinsel, Inc.

2. Share of Tinsel net income for Year 10Investment in Tinsel, Inc.

3. Share of dividends from Tinsel for Year 10Investment in Tinsel, Inc.

4. Sale of 10% of Tinsel stockGain from sale of investment