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Current Attempt in Progress Clinton Corporation purchased 275,000 of the 1.100,000 common shares of Abacus Ltd. on October 1, 2021, at $2.70 per share. Near the end of the fourth quarter ended on December 29th, Abacus declared dividends on its common shares of $76,000 but the dividend payment date is not until 2022. Abacus also announced that it had net income for the quarter ended December 31, 2021. of $205,000 Record the journal entries that Clinton would make during the last quarter ended December 31, 2021. under the following assumptions: Clinton has significant influence over Abacus and uses 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 for the amounts.) Date Account Titles and Explanation Debit Credit Oct 1 Investment in Associates 675000 Cash 675 Dec. 29 Dividends Receivable 60900 Investment in Associates 86 Dec 31 Investment in Associates 520000 Investment in Associates 820 Clinton does not have significant influence over Abacus and uses the cost model 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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit Oct 1 Investment in Associates 675000 Cash 875 Dec 29 Cash 22800 Dividends Receivable 22 Dec 31 Investment in Associates 61500 Trading Investments

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