Brief Exercise 12-6 On January 1, Sipacore Corporation, a publicly traded company, purchased 20% of Hook Ltd. common shares for $734,000. At December 26, Hook declared a $36,000 dividend (Sipacore received its share that day) and reported net income of $87,000. The shares' fair value at December 31 was $777,000. (a) Record each of these transactions, assuming Sipacore has significant influence over Hook and is using the equity method to account for this investment. (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.) Date Account Titles and Explanation Debit Credit (To record dividends received) (To record Sipacore's share in profit) (b) How much income would be reported by Sipacore because of its investment in Hook