Pelican Corporation acquired a 25% interest in Seafare Incorporated at book value several years ago. Seafare declared $100,000 dividends in 2019 and reported its income for the year as follows:

Income from continuing operations $600,000

Gain on discontinued division 100,000

Net income $700,000

Required:

1. Prepare the entry to record the dividends declared in 2019.
2. Prepare the entry to record the income information from Seafare for 2019.