Assuming Bramble applies the equity method to account for its investment in Washi, prepare the journal entries to record

Bramble's equity in the net income and the receipt of dividends from Washi in $2023.($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 O for the

amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record collection of dividend$)$

$($To record investment income$)$ In early January $2023,$ Bramble Inc., a private enterprise that applies ASPE, purchased $40\%$ of the common shares of Washi Corp. for

$$320,000.$ Bramble was now able to exercise considerable influence in decisions made by Washi's management. Washi's statement of

financial position reported the following information at the date of acquisition:

Additional information:

Both the carrying amount and fair value are the same for non$-$depreciable assets and for liabilities.

The fair value of the assets subject to depreciation is $$585,000.$

The company depreciates its capital assets on a straight$-$line basis.

Washi reported net income of $$127,000$ and declared and paid dividends of $$87,000$ in $2023.$