On January 1, 2021, Alamar Corporation acquired a 37 percent interest in Burks, Inc., for $222,000. On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $359,000. During 2021, Burks reported net income of $81,000 and declared and paid cash dividends of $30,000. Alamar sold inventory costing $29,000 to Burks during 2021 for $40,000. Burks used all of this merchandise in its operations during 2021. Hint: Prepare two separate entries for declared and paid dividends. Prepare all of Alamar's 2021 journal entries to apply the equity method to this investment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)