On January 1, 2019, Peking purchased 20% interest in Sara Company with cash. The purchase prise of 246,000 reflected an assessment that all of Sara's accounts were fairly valued within the company's records. Book values equal fair values. Peking applied the equity method for this investment.

On September 30, 2019, Peking acquired an additional 70% interest in Sara and provided the following fair values of Sara's ownership components.

Cash transfered by Peking for 70% interest. 1,470,000

Fair value of Peking's previous 20%. 350,000

Fair value of remaining 10% 175,000

Total acquisition-date fair value. 1,995,000

As of September 30, 2019 book value of Sara's net assets was 1,550,000. Peking assessed a 200,000 value to an unrecorded customer contract recently negotiated by Sara. The customer contract is anticipated to have a remaining life of 4 years. Sara's other assets and liabilities were judged to have fair values similar to their book values. Any remaining fair value is attributed to goodwill. Peking elects to continue using the equity method.

Sara reported net income of $100,000 for 2019 and paid cash dividends of 30,000 on October 15th, 2019. Sara's income was earned evenly throughout the year and Sara's stock is the same.

What are the journal entries by Peking on its internal accounting records for 2019 related to its investments in Sara Company.