On January 1, Beca Corporation, a publicly traded company, purchased 25% of Hook Ltd. common shares for $838,000. At December 26, Hook declared a $42,000 dividend (Beca received its share of that dividend on the same day) and reported net income of $81,000, The shares' fair value at December 31 was $882,000, (a) Record each of these transactions, assuming Beca has significant influence over Hook and is using the equity method to account for this investment. (List all debit entries before credit 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 0 for the amounts.) Date Credit Debit Account Titles and Explanation (To record dividends received) (To record Beca's share in profit) (b) How much income would Beca report because of its investment in Hook? Income 5 On January 1, Oak Corporation, a private company that reports under ASPE, purchased 25% of Hook Ltd.common shares for $860,000. At December 26, Hook declared a $41,000 dividend (Oak received its share of that dividend on the same day) and reported net income of $83,000. The shares fair value at December 31 was $897,000. It has chosen to account for its investment in Hook Ltd. using the cost model because the shares do not trade in an active market. Record each of the transactions and any necessary adjusting journal entries under this assumption (List all debit entries before credit 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.) Debit Credit Date Account Titles and Explanation + How much income would Oak now report for the year? Income S