Accustart Ltd$.$ acquired $38\%$ of the common shares of Lecce Ltd$.$ on January $1,2024,$ by paying $$5\mathrm{.}76$ million for $144,000$ shares. Lecce declared a cash dividend of $$0\mathrm{.}60$ per share in each quarter that Accustart received on March $20,$ June $20,$ September $20,$ and December $20.$ Lecce reported net income of $$1\mathrm{.}44$ million for the year. At December $31,$ the market price of the Lecces wares $$42$ per share.

$($a$)$

Your answer is partially correct.

Prepare the journal entries for Accustart for $2024,$ assuming Accustart can exercise significant influence over Lecce and uses the equity method. $($List all debit entries before credit entries. 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 $0$ for the amounts. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Investment in Associates

Cash

Investment in Associates

Ine $20$

ept. $20$

ec$.20$

Cash

Investment in Associates

ec$.31$

ec$.31$

Investment in Associates

Income from Associates

Debit

Credit

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