Brief Exercise 12-6 Your answer is partially correct. Try again. On January 1, Steering Corporation, a publicly traded company, purchased 20% of Hook Ltd. common shares for $777,000. At December 26, Hook declared a $44,000 dividend (Steering received its share that day) and reported net income of $72,000. The shares' fair value at December 31 was $821,000. (a) Record each of these transactions, assuming Steering has significant influence over Hook and is using the equity method to account for this investment. (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.) Date Account Titles and Explanation Debit Credit T Jan. 1 A Investment in Associates 777000 Cash Cash 777000 1 Dec. 31 Tcash 11000 Investment in Associates 11000 11000 (To record dividends received) Investment in Associates i 194250 Tinvestment in Associates Interest Revenue 194250) 1 1 Interest Revenue U 194250 94250|| (To record Steering's share in profit)