On January 1, 2023, Bactin Corporation acquired 10% of Oakton Company for $107,000. On that date, the total book value and fair value of Oakton's identifiable net assets was $907,000. Any difference between cost and fair value is attributable to goodwill. In 2023, Oakton reported net income of $67,000 and paid dividends of $37,000. On January 1, 2024, Bactin Corporation bought another 10% of Oakton for $107,000, and on that date, the book value and fair value of Oakton's net assets still was $907,000 (the fair value of Oakton did not change during 2023). Bactin concluded that its 20% ownership now allowed it to significantly influence Oaktons operations. In 2024, Oakton reported net income of $87,000 and paid dividends of $47,000.

Required:

Prepare all journal entries for Bactin for 2023 and 2024, assuming no change in fair value of the Oakton stock during that time period.