7. E-Street Storage Inc. purchased 30% of the 10,000,000 outstanding shares of the common stock of Stevens Self-Storage for $18,000,000 on January 1, 2019. E-Street Storage elected the fair value option. During 2019, Stevens Self-Storage had net income of $1,600,000 and did not pay dividends. During 2020, E-Street Storage received $250,000 of dividends from Stevens Self-Storage. Stevens Self-Storage had net income of $2,000,000. The market price per share of Stevens Self-Storage at December 31, 2019 was $4.00 per share and the market price at December 31, 2020 was $3.25. Prepare all the necessary journal entries for 2019 and 2020.