Berenstein Corporation used the equity method to report the following transactions for the years 2017 and 2018:

2017

Feb. 2 Purchased 30 % of the voting common shares of Salon Enterprises Inc for $400,000. This is a long term investment giving Berenstein Corporation significant influence over the operations of Salon Enterprises Inc.

Oct. 15 Received $5,000 cash dividends on Salon Enterprises Inc. common shares.

Decem 31 Salon Enterprises Inc. reported total income of $250,000 for the year ended December 31, 2017.

2018.

June 30 Salon Enterprises Inc. reported total income of $130,000 for the six months ended June 30, 2018

June 30 Sold one-half of the Salon Enterprises Inc. shares for $240,000