On January 1, 2020, Headland Corporation purchased 20% of the outstanding voting shares in WLT Corporation for $1,280,000. At the time of purchase, WLT's net assets were undervalued by $43,200 and had a remaining useful life of 12 years. Both companies had a December 31 year-end. At the end of 2020, WLT reported a net income of $322,000. Also, on December 31, 2020, the fair value of the investment in WLT shares was $1,408,000. On January 10, 2021, WLT paid a cash dividend. Headland's ownership entitles it to $32,000 of the dividend. Prepare the journal entries on the books of Headland Corporation to record the transactions described above, assuming that the 20% interest in WLT does represent significant influence. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation (To record investment income) (To record amortization of fair value difference)