Cullumber Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2017. The purchase price was $1,177,500 for 47,100 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2018. Kulikowski reported net income of $659,000 for 2018. The fair value of Kulikowskis stock was $28 per share at December 31, 2018. Assume that the security is a trading security.

(a) To record dividend and to record fair value. Prepare the journal entries for Cullumber Inc. for 2017 and 2018, assuming that Cullumber cannot exercise significant influence over Kulikowski.

(If no entry is required, "No Entry" for the account titles and enter 0 for the amounts.)