In early January 2023, Novak Inc., a private enterprise that applies ASPE, purchased 40% of the common shares of Washi Corp. for $402,000. Novak was now able to exercise considerable influence in decisions made by Washi's management. Washi's statement of financial position reported the following information at the date of acquisition: Assets not subject to being amortized Assets subject to depreciation (10 years average life remaining) Liabilities $201,000 608,000 113,000 Additional information: 1. Both the carrying amount and fair value are the same for non-depreciable assets and for liabilities. 2. The fair value of the assets subject to depreciation is $735,000. 3. The company depreciates its capital assets on a straight-line basis. 4. Washi reported net income of $160,000 and declared and paid dividends of $110,000 in 2023. (a) Prepare the journal entry to record Novak's investment in Washi. Assume that any unexplained payment is goodwill. (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 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit