Acquired 40% of the outstanding common stock of Lindley Corporation for $990,000 on January 2, 2X10 which gave it the ability to exercise significant influence. The book value of the acquired shares was $790,000 composed of common stock of $100,000, additional paid in capital of $100,000 and retained earnings of $590,000. Any excess of cost over underlying book value was assigned to a patent not recorded on the books of Lindley Corporation with a remained life of ten years ($100,000) and the increase in fair value of a building ($100,000) with a remaining life of twenty years. For the year ended December 31, 2X10, Lindley Corporation reported net income of $260,000 and paid cash dividends of $80,000. What journal entries will Copeland Corporation make concerning this investment during 2X10? What amounts will be reported on the income statement for the year ended December 31, 2X10 and on the balance sheet as of December 31, 2X10 concerning this investment?