As a long-term investment at the beginning of the fiscal year, Florists International purchased 25% of Nursery Supplies Inc.'s 20 million shares for $75 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 $1.80 per share. At the end of the year, the fair value of the shares is $71 million.

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

1. Record the investment in Nursery Supplies shares.

2. Record the investment revenue in Nursery Supplies shares.

3. Record the cash dividends received from Nursery Supplies shares.

4. Record fair value adjustment at year-end.