On January 1, 2024, Headlands Ltd., a private company reporting under ASPE, purchased 25% of the common shares of Sheffield Corporation for $154,000. Sheffield reported profit of $75,000 for 2024 and paid dividends of $10,600 on December 31, 2024 Headlands's year end is December 31. Assuming that there is not a quoted market price for Sheffield's shares, and that Headlands elects to report investments with significant influence using the cost method, prepare the required journal entries.

(Record entries in the order displayed in the problem statement. 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 O for the amounts. List all debit entries before credit entries)