Coho Ltd. acquired 35% of the outstanding common shares of Sockeye Inc. on January 12, 2019 for $250,000. As a result of acquiring the shares, Coho Ltd. can exercise significant influence over Sockeye Inc. On December 31, 2019, Sockeye Inc. reported net income of $255,000 and declared and paid dividends to its shareholders of $100,000. Required: Prepare the entries required to record the 2019 transactions for the investment, assuming that goodwill is not impaired in 2019