As a long$-$term investment at the beginning of the current fiscal year, Company A purchased $30\%$ of Company B$\text{'}$s $20$ million shares for

$$60$ million. The fair value and book value of the shares were the same at that time. During the year, Company B earned net income of

$$70$ million and distributed cash dividends of $$2\mathrm{.}00$ per share. At the end of the year, the fair value of the shares is $$56$ 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$.$e$.,10,000,000$ should be entered as $10).$

Journal entry worksheet

$12$

$3$

Record the investor's share of net income.

Note: Enter debits before credits.