On August 1.2023, Blue Corporation, which follows ASPE, purchased 20\% of the outstanding voting shares in WLT Corporation for $1,220,000. At the time of purchase, WLT's 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 2023, WLT reported a net income of $332,000. Also, on December 31,2023 , the fair value of the irvestment in WLT shares was $1,346,000. On January 10, 2024. WLT paid a cash dividend. Blue's ownership entities it to $20,800 of the dividend. Prepare the journal entries on the books of Blue Corporation to record the transactions described above, assuming that the 20% interest in WLT does not represent significant influence, and that Blue elected to account for its investment following the fair value through net income (FV-NI) model. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually, Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)