On July 1 2021, Clearwater Inc purchased 8,000 shares of the outstanding common stock of Mountain Corporation at a cost of S180,000 Mountain had 32.000 shares of outstanding common stock. The total book value and total fair value of Mountain's individual net assets on July 1 2021 are both $720,000. The total fair value of the 32,000 shares of Mountain's common stock on December 31 2021, is $770,000 Both companies have a January through December fiscal year. The following data pertains to Mountain Corporation during 2021 Dividends declared and paid, lauary 1- Sune 30 Dividends declared and paid. July 1 December 31 et Incry - June 30 Het incom, July 1 December 31 512,200 112,200 $14,200 $15,200 Required: 1. Prepare the necessary entries for 2021 under the equity method (other than for the purchase) 2. Prepare any necessary entries for 2021 (other than for the purchase that would be required if the securities were accounted for under the fall value through net income method Complete this question by entering your answers in the tabs below. Required 1 Plequired2 Prepare y necessary entries for 2021 (other than for the purchase) that would be required if the securities were accounted for under the fair value through net income method. (If no entry is required for a transaction/evet, select "No journal entry in the account ad Journal entry worksheet Record the entry for cash dividend received under the equity method