Skysong Corporation purchased for $306,000 a 30% interest in Murphy, Inc. This investment enables Skysong to exert significant influence over Murphy. During the year, Murphy earned net income of $175,000 and paid dividends of $57,000.

Prepare Skysong's journal entries related to this investment. (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

enter an account title to record the purchase enter a debit amount enter a credit amount

enter an account title to record the purchase enter a debit amount enter a credit amount

(To record the purchase.)

enter an account title to record the net income enter a debit amount enter a credit amount

enter an account title to record the net income enter a debit amount enter a credit amount

(To record the net income.)

enter an account title to record the dividend enter a debit amount enter a credit amount

enter an account title to record the dividend enter a debit amount enter a credit amount

(To record the dividend.)