On January $1,2024,$ Alamar Corporation acquired a $38$ percent interest in Burks, Incorporated, for $$233,000.$ On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $$339,000.$ During $2024,$ Burks reported net income of $$81,000$ and declared and paid cash dividends of $$23,000.$ Alamar sold inventory costing $$23,000$ to Burks during $2024$ for $$44,000.$ 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

Record the income on intra$-$entity sale.

Note: Enter debits before credits.

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