Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $181,000 and appropriately accounted for the investment using the fair-value method. On January 1, 2018, Milani purchased an additional 30 percent Seida for $656,000 which resulted in significant influence over Seida. On that date, the fair value of Selda's common stock was $2,010,000 in total. Seida's January 1, 2018 book value equaled $1,860,000, although land was undervalued by $132,000. Any additional excess fair value over Seida's book value was attributable to a trademark with an 8-year remaining life. During 2018, Seida reported income of $329,000 and declared and paid dividends of $116,000. Prepare the 2018 journal entries for Milani related to its investment in Seida. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record income for the year: 40% of the $329,000 reported income. Note: Enter debits before credits. Journal entry worksheet Record income for the year: 40% of the $329,000 reported income. Note: Enter debits before credits. View transaction list Journal entry worksheet Record collection of dividend from investee. Note: Enter debits before credits. Transaction General Journal Debit Credit 5