Exercise 12-7 (Part Level Submission) Crown Point Corporation purchased 285,000 of the 950,000 common shares of Abacus Ltd. on October 1, 2018, at $2.90 per share. Near the end of the fourth quarter ended December 31, Abacus declared dividends on its common shares of $77,000 but payment will not be made until 2019. Abacus also announced that it had net income for the quarter ended December 31, 2018, of $203,000 Record the journal entries that Crown Point would make during the last quarter ended December 31, 2018, under the following assumptions: Crown Point has significant influence over Abacus and uses the equity method to account for this investment. (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.) Date Account Titles and Explanation Debit Credit