o Exercise 12-7 Cananie Corporation purchased 217,500 of the 870,000 common s dividends on its common shares of shares of Abaous Ltd. on October 1, 2018, at $2.10 per share. Near the end of the fourth quarter ended December 31, Abacus declared $82,000 but payment will not be made until 2019, Abacus also announced that it had net income for the quarter ended during the last quarter ended December 31, 2018, under the following assumptions: December 31, 2018, of $210,000. Record the journal entries that Canarie would make Your answer s correct. Canarie has signficant influence over Abacus and uses the equity method to account for this investment. (Credit account titles are automatically indented when the aamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit 456,75 idends Recevable Your answer is partially correct. Tey agaim. Canare does not have significant influence over Abacus and uses the indent manually. If no entry is required, select "No Entry" for the account tiales and enter cost model to account for this investment (Credit account tities are automa for tht o ically indented when the amount is entered. Do not account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit