On January $1,$ Windsor Corporation purchased a $30\%$ equity interest in Lawton Company for $$494,000.$ At December $31,$ Lawton declared and paid a $$52,000$ cash dividend and reported net income of $$127,400.$

Prepare the necessary journal entries for Windsor Corporation. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$