Consider reviewing the textbook Illustration on page 58 and Self-Study Problem 2 on page 73 prior to completing this question TNR Company purchased 12,500 common shares of RIT Inc. on January 1 , Year 1 for $230,000. RIT Inc. had 75,000 common shares outstanding. The following informationrelates to RIT Inc.: On January 1, Year 3, TNR sold Investment in RIT Inc. shares for $19 per share. TNR hasa December 31 year end. Required (show all calculations for full marks) i) Prepare the journal entries for Years 1 and 2 and on January 1, Year 3 assuming the following independent scenarios: a) Investor plans to sell the shares in the short term for profit b) Investor elects to use FVTOCI (include closing JE on January 1, Year 3) c) Investor has significant influence ii) How much is the change in Retained Earnings from January 1 , Year 1 to January 1, Year 3 for each scenario? Show all \#s for each year to support your total change