Toy Co Corporation acquired 25% of the common shares of Sharp Inc. on January 1, 2022, by paying $1,530,000 for 54,000 shares. Both companies are publicly-traded companies. Sharp declared and paid a $0.50 per share cash dividend on June 30 and again on December 31, 2022. Sharp reported net income of $720,000 for the year. At December 31, the fair value of the Sharp shares was $29 per share.

Prepare the journal entries for Toy Co Corporation for 2022 assuming Toy Co can exercise significant influence over Sharp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Jan. 1June 30Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1June 30Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1June 30Dec. 31	enter an account title to record dividends	enter a debit amount	enter a credit amount
	enter an account title to record dividends	enter a debit amount	enter a credit amount
	(To record dividends.)
choose a transaction date Jan. 1June 30Dec. 31	enter an account title to record share in profit	enter a debit amount	enter a credit amount
	enter an account title to record share in profit	enter a debit amount	enter a credit amount
	(To record share in profit.)

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