-/18 ili Question 7 of 7 Current Attempt in Progress On January 1, 2021, Sweet Acacia Ltd, a private company, buys 25% of Sugar Maple Candy Company's 188,000 common shares for $451,200. On December 31, 2021, Sugar Maple pays a $32,900 cash dividend and reports profit of $263,200. At December 31, 2021, Sugar Maple's shares are trading at $12.50 per share. Both companies have a December 31 year end. Sweet Acaciais able to appoint one board member to Sugar Maple's board of directors and this person has been influential in directing the operations of the company. Record the above transactions assuming Sweet Acacia uses the equity method to report its investment in Sugar Maple Candy Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts.) Debit Credit Date Account Titles and Explanation Jan. 1 FA Question 7 of 7 - / 18 = Jan. 1 (To record purchase of investment.) Dec. 31 (To record collection of dividend from associate.) Dec. 31 (To record investment income from associate.) JE - / 18 II! Question 7 of 7