Amber Company owned the following investments at December 31, Year 1. Amber made no elections regarding the use of fair value. O Amber purchased 200,000 shares of common stock of Burns Co., on January 2, Year 1 for $600,000, representing a 20% ownership interest. This investment gives Amber significant influence over Burns. Amber purchased 20,000 shares of common stock of Cherry Co. on January 2, Year 1 for $300,000, representing a 20% ownership interest. This investment does not give Amber significant influence over Cherry. Burns reported earnings of $400,000 for the year ended December 31, Year 1 and declared and paid dividends of $100,000 during Year 1. Cherry reported earnings of $350,000 for the year ended December 31, Year 1 and declared and paid dividends of $60,000 during Year 1. On December 31, Year 1, Burn's and Cherry's common stock were trading in an active market at $18 and $20 per share, respectively. Prepare all necessary journal entries for Amber for Year 1 related to the above investments