3) Fancy Feet Corporation (FFC), a company that follows ASPE, purchased 30% of Adonis Inc.s 29,000 outstanding common shares at a cost of $20 per share on January 1, 2023. The purchase price of $20 was solely based upon the book value of Adoniss assets. October 1, 2023, Adonis declared and paid a cash dividend of $37,800 and on December 31, Adonis reported net income of $82,000 for the year.

The fair value of Adonis Inc.s shares on December 31, 2023 was $19.25 per share. Assuming that FFC does not have significant influence over Adonis Inc., prepare all required journal entries for 2023 assuming FCC accounts for the investment using the:

a. FV-NI method