On July $1,$ Allen Corporation purchased $30\%$ of the $18,000$ outstanding common shares of Towne Corporation at $$17$ per share as a long$-$term investment. On the date of purchase, the book value and the fair value of the net assets of Towne Corporation were equal. During the year, Towne Corporation reported net income of $$14,400.$ Towne Corporation declared and paid cash dividends of $$4,800$ on December $30$ to shareholders on record. As of December $31,$ common shares of Towne Corporation were trading at $$20$ per share.

a$.$ Record Allen's entries on $(1)$ July $1,(2)$ December $30,$ and $(3)$ December $31,$ assuming that Allen Corporation had significant influence over Towne Corporation.