On July 1, 2021. Clearwater Inc. purchased 8,000 shares of the outstanding common stock of Mountain Corporation at a cost of $180,000 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 $770,000Both companies have a January through December fiscal year. The following data pertains to Mountain Corporation during 2021 Dividends declared and paid, January 1 - June 10 Dividends declared and paid, July 1-December 31 512,200 $12,200 Net income, muary 1- June 10 Net incom, July 1-December 31 $14,200 $18,200 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 fair value through net income method Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the necessary entries for 2021 under the equity method (other than for the purchase). (lf nountry is required for a transaction event select to journal entry required in the first account field Vimmation ist Journal entry worksheet 2 3 > Record the entry for cash dividend received under the equity method