On January 1,2024, Sunland Company, a public company, purchased 35% of the common shares of Triple Titanium Inc. for $500 The remaining shares (65\%) are held by the family members of the company's founder. Sunland considers this a strategic investm and a critical step into developing consumer markets. Triple Titanium is currently a supplier to Sunland. Sunland placed two mem on Triple Titanium's 10-person board of directors and the two members believe they have been influential on the board through year. Sunland and Triple Titanium both have December 31 year ends. During 2024, Triple Titanium reported profit of $280,000 and paid total dividends of $85,000. (b) Prepare the following journal entries for Sunland, assuming significant influence does exist. (Credit occount titles are automatica) indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titfes and enter 0 the amounts. List all debit entries before credit entries.) 1. The acquisition of the investment 2. Investment revenue and receipt of dividends related to the investment Prepare the following journal entries for Sunland, assuming significant influence does exist. (Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. List all debit entries before credit entries.) 1. The acquisition of the investment 2. Investment revenue and receipt of dividends related to the investment Date Account Titles and Explanation Jan. 1 Jan. 1 (To record dividend received from associate.) Jan. 1 (To record investment income from associate.)