On January 1, 2021, Flints Motor Corp., a private company, buys 25% of Mollys Engines Ltd.s 420,000 common shares for $1,155,000. On December 31, 2021, Mollys pays a $68,000 cash dividend and reports profit of $370,000. At December 31, 2021, Mollys shares are trading at $15.50 per share. Both companies have a December 31 year end. Flints is able to appoint one board member to Mollys board of directors who has been influential in directing the operations of the company. Record the above transactions assuming Flints uses the equity method to report its investment in Mollys Engines Ltd. (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 0 for the amounts. Record journal entries in the order presented in the problem.)