Sarasota Corporation owns stock of Armstrong, Inc. Prior to 2020, the investment was accounted for using the equity method. In early 2020, Sarasota sold part of its investment in Armstrong, and began using the fair value method. In 2020, Armstrong earned net income of $77,200 and paid dividends of $94,100.

Prepare Sarasota's entries related to Armstrong's net income and dividends, assuming Sarasota now owns 11% of Armstrong's stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation Debit Credit

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