On August 1, 2020, Indigo Corporation purchased 20% of the outstanding voting shares in WLT Corporation for $1,240,000. At the time of purchase, WLTs net assets were undervalued by $74,700 and had a remaining useful life of 12 years. Both companies had a December 31 year-end. At the end of 2020, WLT reported a net income of $337,000. Also, on December 31, 2020, the fair value of the investment in WLT shares was $1,369,000. On January 10, 2021, WLT paid a cash dividend. Indigos ownership entitles it to $23,600 of the dividend. Prepare the journal entries on the books of Indigo Corporation to record the transactions described above, assuming that the 20% interest in WLT does not represent significant influence, and that Indigo elected to account for its investment following the fair value through net income (FV-NI) model.