66. Y Inc., acquired 30% of N Enterprises for $4,000,000 on January 1, 2018. The fair value and book value of 30% of N's identifiable net assets was $2,000,000 and $1,800,000 on that date, and the difference was attributable to assets that would be depreciated over 5 years. During 2018 N recognized net income of $600,000 and paid dividends of $200,000. N had a total fair value of $12,000,000 as of December 31, 2018. Required: (1.) Prepare the journal entries necessary to account for the N investment, assuming that Y accounts for that investment as an equity method investment