At a total cost of $660,000, Penn Corporation 60,000 shares of Teller Corp. common stock as a long - term investment. Penn Corporation uses the equity method of accounting for this investment. Teller Corp. has 200,000 shares of common stock outstanding, including the shares acquired by Penn Corporation. Journalize the entries by Penn Corporation to record the following information: Teller Corp. reports net income of $940000 for the current period. A cash divided of $2.50 per common share is paid by Teller Corp. during the current period. At a total cost of $660,000, Penn Corporation 60,000 shares of Teller Corp. common stock as a long - term investment. Penn Corporation uses the equity method of accounting for this investment. Teller Corp. has 200,000 shares of common stock outstanding, including the shares acquired by Penn Corporation. Journalize the entries by Penn Corporation to record the following information: Teller Corp. reports net income of $940000 for the current period. A cash divided of $2.50 per common share is paid by Teller Corp. during the current period