On July $1,2024,$ Clearwater Incorporated purchased $9,300$ shares of the outstanding common stock of Mountain Corporation at a cost

of $$213,000.$ Mountain had $31,000$ shares of outstanding common stock. The total book value and total fair value of Mountain's

individual net assets on July $1,2024,$ are both $$710,000.$ The total fair value of the $31,000$ shares of Mountain's common stock on

December $31,2024,$ is $$765,000.$ Both companies have a January through December fiscal year. The following data pertains to

Mountain Corporation during $2024$:

Required:

Prepare the necessary entries for $2024$ under the equity method $($other than for the purchase$).$

Prepare any necessary entries for $2024($other than for the purchase$)$ that would be required if the securities were accounted for

under the fair value through net income method.

Complete this question by entering your answers in the tabs below.

Prepare the necessary entries for $2024$ under the equity method $($other than for the purchase$).$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" In the first account fleld.

$1$ Record the entry for cash dividend recelved under the

equity method.