On August 1,2023, Sheffield Corporation, which follows ASPE, purchased 20% of the outstanding voting shares in WLT Corporation for $1,230,000. At the time of purchase, WLT's net assets were undervalued by $72.200 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 $32 \&000. Also, on December 31 . 2023 , the fair value of the investment in WLT shares was $1,353,000. On January 10, 2024, WLT paid a cash dividend. Sheffield's ownership entitles it to $18,000 of the dividend: Prepare the journat entries on the books of Shefficld Corporation to record the transactions described above, assuming that the 20% interest in WLT does not represent significant influence, and that Sheffield elected to account for its investment following the fair value through net income (FV-NI) model. (Credit account titles are automatically indented when the omount is entered. Do not indent manually. Record joumal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit eTextbook and Media