On January 1, 2021. Headlands Ltd., a private company reporting under ASPE, purchased 25% of the common shares of Martinez Corporation for $179,000. Martinez reported profit of $87,000 for 2021 and paid dividends of $12,200 on December 31, 2021. Headlands's year end is December 31. Assuming that there is not a quoted market price for Martinez's shares, and that Headlands elects to report investments with significant influence using the cost method, prepare the required journal entries. (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 Jan. 1 Investment in Associate Cash (To record investment in associate.) Dec 31 Cash Dividend Revenue (Collection of dividend.)