Sandhill Co. acquired 30% of the outstanding common stock of Grinwold Inc. on January 1, 2017, by paying $1, 513, 200 for 58, 200 shares. Grinwold declared and paid a $0.32 per share cash dividend on June 30 and again on December 31, 2017. Grinwold reported net income of $890,000 for the year. Prepare the journal entries for Sandhill Co. for 2017, assuming Sandhill Co. can exercise significant influence over Grinwold. (Use the equity method.)