On January 1, 2021, Grouper's Motor Corp, a private company, buys 25% of Molly's Engines Ltd's 460.000 common shares for $1.472.000. On December 31, 2021, Molly's pays a $48,000 cash dividend and reports profit of $420,000. At December 31, 2021. Molly's shares are trading at $17.75 per share. Both companies have a December 31 year end. Grouper's is able to appoint one board member to Molly's board of directors who has been influential in directing the operations of the company. Record the above transactions assuming Grouper's uses the equity method to report its investment in Molly's 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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record dividend received from associate.) (To record investment income from associate)