On January $1,2024,$ Alamar Corporation acquired a $36$ percent interest in Burks, Incorporated, for $$218,000.$ On

that date, Burks's balance sheet disclosed net assets with both a fair and book value of $$349,000.$ During $2024,$

Burks reported net income of $$76,000$ and declared and paid cash dividends of $$25,000.$ Alamar sold inventory

costing $$25,000$ to Burks during $2024$ for $$36,000.$ Burks used all of this merchandise in its operations during

$2024.$

Required:

Prepare all of Alamar's $2024$ journal entries to apply the equity method to this investment.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

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Record the acquisition of a $36$ percent interest in Burks.

Note: Enter debits before credits.