Problem 1-17 (Static) (LO 1-4, 1-7) On January 1, 2024, Alamar Corporation acquired a 40 percent interest in Burks, Incorporated, for $210,000. On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $360,000. During 2024, Burks reported net income of $80,000 and declared and paid cash dividends of $25,000. Alamar sold inventory costing $30,000 to Burks during 2024 for $40,000. Burks used all of this merchandise in its operations during 2024. Required: Prepare all of Alamar's 2024 journal entries to apply the equity method to this investment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. I need the E. answered correctly the rest is already verified and its correct.

1aInvestment in Burks, Incorporated210,000 Cash 210,000 2bInvestment in Burks, Incorporated32,000 Equity in investee income 32,000 3cDividend receivable10,000 Investment in Burks, Incorporated 10,000 4dCash10,000 Dividend receivable 10,000 5eInvestment in Burks, Incorporated3000 Equity in investee income 3,000