Investment in Equity Securities

On January 10, 2013, Delta Corporation acquired 15,000 shares of the outstanding common stock of Kennedy Company for $675,000. At the time of purchase, Kennedy Company had outstanding 60,000 shares with a book value of $2,700,000. On December 31, 2013, the following events took place:

(a)Kennedy reported net income of $270,000 for the calendar year 2013.

(b)Delta received from Kennedy a dividend of $0.55 per share of common stock.

(c)The fair value of Kennedy Company stock had temporarily declined to $40 per share.

Give the entries that would be required to reflect the purchase and subsequent events on the books of Delta Corporation, assuming that the equity method is appropriate. Round your answers to the nearest dollar.

Jan. 10	Investment in Kennedy company stock	675000
	cash		675000
	-to record investment in kennedy company
Dec. 31	Investment in Kennedy company stock	X
	Income from investment in kennedy company stock		X
	-to record proportionate share of kennedy company's earnings for 2013
Dec. 31	cash	8250
	Investment in kennedy company stock		8250
	-to record dividend received from kennedy company for 2013

I need help finding the Xs.

Please show how you got your answer. Thank you.