On January 1, 2018, Anchor Company purchased 10% of the outstanding common stock of Ship Co. for $100,000. No significant influence was achieved with this purchase. No allocation to goodwill or other specific account was made. Ship Co. declared a dividend of $50,000 during 2018 and reported net income of $600,000.

a. Write the investment related journal entry made by Anchor Company in 2018 for dividends declared by Ship Co.

b. Write the investment related journal entry made by Anchor Company in 2018 for net income reported by Ship Co.