On January 1, 2021, Crane Company, a public company, purchased 40% of the common shares of Triple Titanium Inc. for $500,000 The remaining shares (60%) are held by the family members of the company's founder. Crane considers this a strategic investment an a critical step into developing consumer markets. Triple Titanium is currently a supplier to Crane. Crane placed two members on the 10-person board of directors of Triple Titanium and the two members believe they have been influential on the board through the year. Crane and Triple Titanium both have December 31 year ends. During 2021, Triple Titanium reported profit of $200,000 and paid total dividends of $85,000. Prepare the following journal entries for Crane, assuming significant influence does exist. (Credit account titles are automatically indented when the amount is entered. Do not indent manually . If no entry is required, select "No Entry for the account titles and enter for the amounts.) 1. The acquisition of the investment Investment revenue and receipt of dividends related to the investment 2 Date Account Titles and Explanation Debit Credit 2021 (To record purchase of investment.) 2021 V (To record dividend received from associate.) 2021 Question 4 of 4 > -/1 II! Question Part Score --/0.3 During 2022, Triple Titanium reports profit of $220,000 and pays total dividends of $64,000. Prepare the required journal entries related to these transactions on Crane's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 2022 (To record dividend received from associate.) 2022 (To record investment income from associate.) eTextbook and Media Question Part Score --/0.3 Determine the balance in the investment account on December 31, 2021, and December 31, 2022. 2021 2022 Ending balance $ Determine the balance in the investment account on December 31, 2021, and December 31, 2022 2021 2022 Ending balance e Textbook and Media Question Part Score --/0.2 Show how the investment account and related revenue accounts would be reported on the financial statements for December 31, 2021 CRANE COMPANY Balance Sheet(Partial) CRANE COMPANY Income Statement (Partial) $