On January 3, 2017, Martinez Inc. obtained significant influence over the operations of Ing Ltd. by buying 35% of Ing's 30,000 outstanding common shares, at a cost of $9.00 per share. The following events took place in 2017:

June 15 Ing declared and paid a cash dividend of $31,500

December 31 Ing reported net income of $86,000 for the year

The fair value of the Ing shares at December 31, 2017 was $10.80 per share.

1. Prepare the journal entries for Martinez Inc. for the fiscal year ending December 31, 2017.