Damon, Inc., acquired 25% of Jolle Enterprises for $8,000,000 on Jan 1, 2021. The total fair value of Jolie's identifiable net assets was $27,000,000 on that date, and the total book value of those net assets was $23,000,000. The difference between fair value and book value is attributed to equipment that has a remaining useful life of four years. During 2021 Jolie recognized net income of $2,000,000 and paid dividends of $1,200,000 Jolie had a fair value of $36,000,000 as of December 31, 2021. Required: Assume Damon accounts for the Jolie investment under the equity method. Prepare the journal entries necessary to account for the Damon's investment in Jolie from Jan 1, 2021 through the end of the year