15 Homework Savet Heritage Ltd. was organized on January 2, 2023. The following investment transactions and events occurred during the following months: 2023 Jan. Apr. 6 Heritage paid $581,500 (including transaction fees of $50) for 50,600 shares (20%) of Port Inc. outstanding common shares, 30 Port declared and paid a cash dividend of $1.20 per share. Dec. 31 Port announced that its profit for 2023 was $540,000. Fair value of the shares was $12.40 per share. 2024 Oct. Dec. 2025 Jan. 15 Port declared and paid a cash dividend of $0.80 per share. 31 Port announced that its profit for 2024 was $690,000. Fair value of the shares was $12.78 per share. 5 Heritage sold all of its investment in Port for $688,000 cash. Assume that Heritage has a significant influence over Port with its 20% share. Required: 1. Prepare the entries to record the preceding transactions in Heritage's books.