As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased 20% of Nursery Supplies Inc.'s 12 million shares for $73 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 $35 million and distributed cash dividends of $1.25 per share. At the end of the year, the fair value of the shares is $69 million.

Required:
Prepare the appropriate journal entries from the purchase through the end of the year.

Journal Entries:

1: Record the investment in Nursery Supplies shares:

2: Record the investors share of net income:

3: Record the cash dividends receiged from Nursery Supplies shares:

4: Record fair value adjustment at year-end: