On January $1,2024,$ Headlands Ltd$.,$ a private company reporting under ASPE, purchased $25\%$ of the common shares of Blue Corporation for $$203,000.$ Blue reported profit of $$99,000$ for $2024$ and paid dividends of $$13,900$ on December $31,2024.$ Headlands's year end is December $31.$

Assuming that there is not a quoted market price for Blue's shares, and that Headlands elects to report investments with significant influence using the cost method, prepare the required journal entries. $($Record entries in the order displayed in the problem statement. 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 $0$ for the amounts. List all debit entries before credit entries.$)$

Date

Account Titles

Debit

Credit