Baskin purchased 22,000 common shares (20%) of Robbin on January 1, Year 5, for $286,000 and classified the investment as FVTPL. Robbin reported net income of $96,000 in Year 5 and $101,000 in Year 6, and paid dividends of $51,000 in each year. Robbins shares were trading at $15 per share on December 31, Year 5, and January 1, Year 6. On January 1, Year 6, Baskin obtained significant influence over the operating, investing, and financing decisions of Robbin when the controlling shareholder sold some shares in the open market and lost control over Robbin. Accordingly, the investment in Robbin was reclassified to an investment in associate. On December 31, Year 6, Baskin sold its investment in Robbin for $16 per share.

Required:

Prepare all journal entries for Years 5 and 6 related to Baskins investment in Robbin.

Required: Prepare all journal entries for Years 5 and 6 related to Baskin's investment in Robbin. (If no entry is required for a transaction/ever select "No journal entry required" in the first account field.) Record share of Robin's income. Note: Enter debits before credits. Record Baskin's share of dividends declared by Robbin. Note: Enter debits before credits. Record sale of investment in Robbin. Note: Enter debits before credits