1. Jones Inc. purchased 25% of Prince Inc. on January 2, 2018 for $10 million and did not elect the fair value option. During 2018, Prince had net income of (see below) and paid total dividends of (see below). The fair value of the Prince Inc. shares owned by Jones Inc. was $11,000,000 at 12/31/18. Based on the information above, prepare the journal entries for 2018 Prince 2018 net income $4,000,000 Prince 2018 dividends $1,600,000