Crane Inc. obtained significant influence over Cullumber Corporation by buying 43% of Cullumber 30,200 outstanding shares common stock at a total cost of $12 per share on January 1, 2022. On June 15 Cullumber declared and paid a cash dividend of $32,100. On December 31 Cullumber reported a net income of $139,000 for the year.

Prepare all the necessary journal entries for 2022 for Crane Inc.