On January 1, 2018, Staub, Inc. decides to invest in 14,000 shares of Chestnut stock when the stock is selling for $21 per share. On June 1, 2018, Chestnut paid a $1.30 per share cash dividend to stockholders. On December 31, 2018, Chestnut reports net income of $80,000 for 2018. Assume Chestnut has 35,000 shares of voting stock outstanding during 2018 and Staub has significant influence over Chestnut. Read the requirements. D Staub's investment would be a significant influence investment Requirement 2. Journalize the transactions related to Staub's investment in the Chestnut stock during 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) January 1: Staub, Inc. decides to invest in 14,000 shares of Chestnut stock when the stock is selling for $21 per share. Date Debit Credit Jan. 1 Accounts and Explanation Equity Investments-Chestnut Cash 294,000 294,000 Purchased investment in stock (equity method). June 1: Chestnut paid a $1.30 per share cash dividend to stockholders. Date Accounts and Explanation Debit Credit Jun. 1 Cash 18,200 Equity InvestmentsChestnut 18,200 Received cash dividend (equity method). December 31: Chestnut reports net income of $80,000 for 2018. Date Accounts and Explanation Debit Credit Dec. 31