During $2024,$ Kinman reported a $$54,200$ net income and declared and paid a cash dividend of $$16,000.$ It made additional inventory sales of $$86,000$ to Harper during the period. The original cost of the merchandise was $$53,750.$ All but $30$ percent of this inventory had been resold to outside parties by the end of the $2024$ fiscal year.

Required:

Prepare all journal entries for Harper for $2023$ and $2024$ in connection with this investment. Assume that the equity method is applied. Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Do not round intermediate calculations.