Sheffield Chris Inc. acquired 20% of the outstanding common stock of Theresa Wildhorse Inc. on December 31, 2025. The purchase price was $1,310,000 for 52,400 shares. Wildhorse Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2026. Wildhorse reported net income of $701,000 for 2026. The fair value of Wildhorse's stock was $28 per share at December 31, 2026. Assume that the security is a trading security. (a) Prepare the journal entries for Sheffield Chris Inc. for 2025 and 2026, assuming that Chris cannot exercise significant influence over Wildhorse. (List all debit entries before credit entries. 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 O for the amounts. Record journal entries in the order presented in the problem.) Date > Account Titles and Explanation (To record dividend.) (To record fair value.) Debit Credit