Current Attempt in Progress

Marshall Ltd$.$ acquired $38\%$ of the common shares of Lecce Ltd$.$ on January $1,2024,$ by paying $$5\mathrm{.}12$ million for $128,000$ shares. Lecce declared a cash dividend of $$0\mathrm{.}70$ per share in each quarter that Marshall received on March $20,$ June $20,$ September $20,$ and December $20.$ Lecce reported net income of $$1\mathrm{.}28$ million for the year. At December $31,$ the market price of the Lecce shares was $$42$ pershare.

$($a$)$

Prepare the journal entries for Marshall for $2024,$ assuming Marshall can exercise significant influence over Lecce and uses the equity method. $($List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit