As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased 25% of Nursery Supplies Inc.'s 16 million shares for $74 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 $32 million and distributed cash dividends of $1.50 per share. At the end of the year, the fair value of the shares is $70 million. Required: Prepare the appropriate journal entries from the purchase through the end of the year. (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 entries can only be as follows:

.

No journal entry required

Cash

Fair value adjustment

Gain on investment (NI)

Gain on investment (unrealized, NI)

Gain on investment (unrealized, OCI)

Insurance expense

Interest receivable

Interest revenue

Investment in equity affiliate

Investment revenue

Loss on investment (NI)

Loss on investment (unrealized, NI)

Loss on investment (unrealized, OCI)

Retained earnings