Shames Company is located in London, England. The local currency is the British pound (). On January 1, 20X8, Pit Company purchased an 80 percent interest in Shames for $403,000, which resulted in an excess of cost-over-book value of $80,000 due solely to a trademark having a remaining life of 10 years. Pit uses the equity method to account for its investment. Shames's December 31, 20X8, trial balance has been translated into U.S. dollars, requiring a translation adjustment debit of $7,000. Shames's net income translated into U.S. dollars is $78,000. It declared and paid a 25,000 dividend on May 1, 20X8. Relevant exchange rates are as follows: January 1, 20x8 May 1, 20x8 December 31, 20x8 Average for 20x8 $ 1-1.60 1=1.64 1=1.65 1=1.63 Required: a. Record the dividend received by Pit from Shames. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)