Milani, Incorporated, acquired 10 percent of Seida Corporation on January 1, 2023, for $184,000 and appropriately accounted for the investment using the fair-value method. On January 1, 2024, Milani purchased an additional 30 percent of Seida for $597,000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $1,990,000 in total. Seidas January 1, 2024, book value equaled $1,840,000, although land was undervalued by $139,000. Any additional excess fair value over Seida's book value was attributable to a trademark with an eight-year remaining life. During 2024, Seida reported income of $275,000 and declared and paid dividends of $109,000.

Required:

Prepare the 2024 journal entries for Milani related to its investment in Seida.

• Record acquisition of Seida stock.
• Record the accrual of 40 percent of the reported earnings of the investee.
• Record the amortization of fair value in excess of book value allocated to Trademark.
• Record investee dividend declaration
• Record collection of dividend from investee.