CBA Corporation has a 35% equity investment in FED, Inc. that was purchased on 1/1/15 for $600,000. FED had 140,000 in net income for 2015 and paid total dividends of 7,000. On 12/31/15, the fair market value of this investment is $650,000. Record the journal entries if the fair value option is NOT used: Purchase: 1/1/15 Increase equity investment for 35% of FED income: 12/31/15 Decrease equity investment for 35% of FED dividends: 12/31/15