On January 1, Golden Valley Corporation, a publicly traded company, purchased 25% of Hook Ltd. common shares for $871.000. At December 26, Hook declared a $37,000 dividend (Golden Valley received its share of that dividend on the same day) and reported net income of $85,000. The shares fair value at December 31 was $914,000. (a) Record each of these transactions, assuming Golden Valley has significant influence over Hook and is using the equity method to account for this investment. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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)

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading struc…