A corporation purchased 40% of Tiger Lilys outstanding stock for $62,000 on January 1, 20Y5. Tiger Lily paid total dividends of $40,000 on June 30 and $10,000 on October 1. The investee suffered a net loss of $10,400 for the 20Y5 fiscal year. Assuming the corporation has a calendar year-end, prepare the journal entries to record the investment. Also, determine the balance of the investment account at the end of the year.