On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle Corporations common stock when Eagle had 22,400 shares outstanding. On that date, the following information pertained to Eagle:

Eagle Corporation Balance Sheet January 1, 2016

Depreciable Assets (remaining life, 8 years) Book Value Fair Value $600,000.00 $620,000.00 Other non-depreciable assets 290,000.00 300,000.00 Total $890,000.00 $920,000.00 Liabilities $300,000.00 $330,000.00 Shareholders equity 590,000.00 Total $890,000.00

During 2016, Eagle earned net income of $120,000 and paid total dividends of $48,000.

Required: Prepare the journal entries of Tiger related to its share of Eagles net income and dividends in 2016.