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On January 1, 2021. Sandhill Company, a public company, purchased 40% of the common shares of Triple Titanium Inc. for $625,000. The remaining shares (60%) are held by the family members of the company's founder, Sandhill considers this a strategic investment and a critical step into developing consumer markets. Triple Titanium is currently a supplier to Sandhill, Sandhill placed two members on the 10-person board of directors of Triple Titanium and the two members believe they have been influential on the board through the year, Sandhill and Triple Titanium both have December 31 year ends. During 2021. Triple Titanium reported proht of $300.000 and paid total dividends of $75,000 During 2022. Triple Titanium reports profit of $260,000 and pays total dividends of $66,000. Prepare the required journal entries related to these transactions on Sandhill's books. (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.) Debit Credit Date Account Titles and Explanation 2022 Cash Investment in Associate (To record dividend received from associate.) 2022 Investment in Associate Income from Investment in Associate (To record investment income from associate.)

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