On January $1,2025,$ Novak Corporation purchased $40\%$ of the common shares of Splish Company for $$192,000.$ During the year,

Splish earned net income of $$81,000$ and paid dividends of $$20,250.$

Prepare the entries for Novak to record the purchase and any additional entries related to this investment in Splish Company in $2025.$

$($List all debit entries before credit entries. Credit account titles are automatically indented when 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.$)$

Account Titles and Explanation

Debit

Credit

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

$($To record receipt of dividends.$)$

$($To record revenue.$)$