Your answer is partial ly correct. On August 1, 2020, Grouper Corporation purchased 20% of the outstanding voting shares in WLT Corporation for $1,250,000. At the time of purchase, WLT's net assets were undervalued by $72,500 and had a remaining useful life of 12 years. Both companies had a December 31 year-end. At the end of 2020, WLT reported a net income of $338,000. Also, on December 31, 2020, the fair value of the investment in WLT shares was $1,374,000. On January 10, 2021, WLT paid a cash dividend. Grouper's ownership entitles it to $17,900 of the dividend. Prepare the journal entries on the books of Grouper Corporation to record the transactions described above, assuming that the 20% interest in WLT does not represent significant influence, and that Grouper elected to account for its investment following the fair value through net income (FV-N l) model. (Credit account titles are automatically indented when the amount is entered. DO not indent manually. Recordjournal entries in the order presentd in the problem. If no entry is required, select "NO Entry" for the account titles and enter O for the amounts.) Date Aug. 1, 2020 Dec 31, 2020 Jan. 10, 2021 Account Titles and Explanation FV-NI Investments Cash FV-NI Investments Investment Income or Loss Cash Debit 1250000 17900 Credit 1250000 17900