On January 1, Lawn Corporation, a publicly traded company, purchased 30% of Hook Ltd. common shares for $815,000. At December 26, Hook declared a $44,000 dividend (Lawn received its share of that dividend on the same day) and reported net income of $88,000. The shares' fair value at December 31 was $851,000. (a) Record each of these transactions, assuming Lawn 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 O for the amounts.) Date Account Titles and Explanation (To record dividends received) Debit Credit (To record dividends received) (To record Lawn's share in profit) (b) How much income would Lawn report because of its investment in Hook? Income $