1. Larkland Company acquired 30% of the voting stock of Martin Corporation on January 2, 2017 for $50 million. The basis difference was attributed to goodwill. During 2017, Martin Corporation reported net income of $5,000,000, other comprehensive income of $150,000, and declared and paid cash dividends of $2,000,000. Larkland uses the equity method to report its investment in Martin. Prepare Larklands 2017 journal entries related to its investment in Martin.