On January $1,2024,$ Sunland Company, a public company, purchased $35\%$ of the common shares of Triple Titanium Inc. for $$525,000.$ The remaining shares $(65\%)$ are held by the family members of the company's founder. Sunland considers this a strategic investment and a critical step into developing consumer markets. Triple Titanium is currently a supplier to Sunland. Sunland placed two members on Triple Titanium's $10-$person board of directors and the two members believe they have been influential on the board through the year. Sunland and Triple Titanium both have December $31$ year ends.

During $2024,$ Triple Titanium reported profit of $$210,000$ and paid total dividends of $$70,000.$

$($b$)$

Prepare the following journal entries for Sunland, assuming significant influence does exist. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

The acquisition of the investment

Investment revenue and receipt of dividends related to the investment

Date Account Titles and Explanation

Jan. $1$

$($To record purchase of investment.$)$

Jan. $1$

$($To record dividend received from associate.$)$

Jan. $1$

Debit

Credit

Credit