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