River Outdoor Supply Corporation (River Corp.) was organized on January 2, 2023. River Corp. issued 50,000 common shares for $250,000 on that date. The following investment transactions and events subsequently occurred:

Assume that River Corp. has significant influence over Turner Ltd. with its 24% share.

Required

1. Give the entries to record the preceding transactions in River Corp.’s books.

2. Calculate the carrying value per share of River Corp.’s investment as reflected in the investment account on January 1, 2025.

3. Calculate the change in River Corp.’s equity from January 12, 2023, through January 6, 2025, resulting from its investment in Turner Ltd.

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2023 Jan. 12 River Corp. acquired 12,000 shares of Turner Ltd. at a cost of $250,000 (including transaction fees of $50). This investment represented 24% of Turner's outstanding shares. Mar. 31 Turner Ltd. declared and paid a cash dividend of $1.00 per share. Dec. 31 Turner Ltd. announced that its profit for 2023 was $125,000. 2024 Aug. 15 Turner Ltd. declared and paid a cash dividend of $0.80 per share. Dec. 31 Turner Ltd. announced that its loss for 2024 was $95,000. 2025 Jan. 6 River Corp. sold all of its investment in Turner Ltd. for $230,000 cash.