On January 1, Roger Corporation, a publicly traded company, purchased 20% of Hook Ltd. common shares for $724,000. At December 26, Hook declared a $37,000 dividend (Roger received its share of that dividend on the same day) and reported net income of $76,000. The shares' fair value at December 31 was $760,000. (a) Record each of these transactions, assuming Roger 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 Jan. 1 O Investment in Associates Debit 724000 Credit Date Account Titles and Explanation Debit Jan. 1 Investment in Associates Cash Dec. 26 Cash Dec. 31 Dividend Income (To record dividends received) Investment in Associates Interest Income (To record Roger's share in profit) 724000 7400 15200 Credit 724000 7400 15200 Dec. 26 Dec. 31 Cash Dividend Income (To record dividends received) Investment in Associates Interest Income (To record Roger's share in profit) (b) How much income would Roger report because of its investment in Hook? Income $ 22600 7400 15200 7400 15200