Current Attempt in Progress On January 1, Oak Corporation, a private company that reports under ASPE, purchased 30% of Hook Ltd. common shares for $815,000. At December 26, Hook declared a $44,000 dividend (Oak received its share of that dividend on the same day) and reported net income of $88,000. The shares' fair value at December 31 was $851,000. It has chosen to account for its investme in Hook Ltd. using the cost model because the shares do not trade in an active market. Record each of the transactions and any necessary adjusting journal entries under this assumption. (List all debit entries before credit entries. Credit account title 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 0 for the amounts.) Date Account Titles and Explanation Jan. 1 Dec. 26 How much income would Oak now report for the year? Income $ Debit Credit