Amazon Inc. purchased 30 percent of Whole Foods Market's voting stock on January 1, 2015, for £5.2 million in cash. At the date of acquisition, Whole Foods reported its total assets at £90 million and its total liabilities at £84 million. Investigation revealed that Whole Foods' equipment (10-year life) was overvalued by £3 million and it had an unreported patent (3-year life) valued at £1 million. Whole Foods declares and pays £180,000 in dividends and reports net income of £400,000 in 2022.

Required: Prepare the necessary journal entries on Amazon's books to report the above information for 2022 assuming Amazon uses the equity method to report its investment.