Monica, Inc. acquired 10% of the 30,000 shares of common stock of Seles Corporation at a total cost of $9 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $36,000 to all stockholders. On December 31, Seles reported a net income of $85,000 for the year. At December 31, the market price of Seles Corporation was $7 per share. Prepare all necessary journal entries in 2020.