On July 1, 2024. Clearwater Incorporated purchased 9,500 shares of the outstanding common stock of Mountain Corporation at a cost of $195.000. Mountain hod 38,000 shares of outstanding common stock. The total book value and total fair volue of Mountain's individual net assets on July 1, 2024, are both $780,000. The total fair value of the 38,000 shares of Mountain's common stock on December 31,2024 is $820,000, Both companies have a January through December fiscal year. The following data pertains to Mountain Corporation during 2024 Required: 1. Prepare the necessary entries for 2024 under the equity method (other than for the purchase). 2. 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 field. 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 ac Journal entry worksheet Record the entry for cash dividend received under the equity method. Note: Enter debits before credits. Prepare any riecessary entries for 2024 (other than for the purchase) that would be required if the securities were accounted for under the falr value through net income method. Note: If no entry is required for a transaction/event, select "Na journal entry required" in the first account fleld. Journal entry worksheet