As a long$-$term investment at the beginning of the $2024$ fiscal year, Florists International purchased $30\%$ of Nursery Supplies Incorporated's $10$ million shares for $$76$ million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $$60$ million and distributed cash dividends of $$2\mathrm{.}00$ per

$100$ points

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References share. At the end of the year, the fair value of the shares is $$72$ million.

Required:

Prepare the appropriate journal entries from the purchase through the end of the year. Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions, $($i$..,10,000,000$ should be entered as $10$

$1)$ record the investment in nursery supplies shares

$2)$ record the investors share of net income

$3)$ record the cash dividends received from nursery supplies shares

$4)$ record fair value adjustment at year end