Cullumber Corporation purchased for $301,000 a 25% interest in Murphy, Inc. This investment enables Cullumber to exert significant influence over Murphy. During the year, Murphy earned net income of $169,000 and paid dividends of $61,000. Prepare Cullumber's journal entries related to this investment. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) Account Titles and Explanation (To record the purchase.) (To record the net income.) Debit Credit Humid

Cullumber Corporation purchased for $301,000 a 25% interest in Murphy, Inc. This investment enables Cullumber to exert significant influence over Murphy. During the year, Murphy earned net income of $169,000 and paid dividends of $61,000. Prepare Cullumber's journal entries related to this investment. (List all debit entries before credit entries. Credit account titles are outomatically indented when omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts.)