Julip Corporation purchased a 25% interest in Krov Corporation on January 2, 2017, for $1,000. At that time, the carrying amount of Krov's net assets was $3,600. Any excess of the cost of the investment over Julip's share of Krov's carrying amount can be attributed to unrecorded intangibles with a useful life of 20 years. Krov declared and paid a dividend of $12 and reported net income of $60 for its year ended December 31, 2017. Prepare Julip's 2017 entries to record all transactions and events related to the investment in its associate. Assume that Julip is a publicly accountable enterprise that applies IFRS.