E12-20 Equity method; purchase; As a long-term investment at the beginning of the 2021 fiscal ver Florists International purchased 30% of Nurs ery Supplies Inc.'s 8 million shares for $56 million The fair value and book value of the shares were the same that time. During the year, Nursery Supplies earned net income of $10 million and distributed cash dividends of $1.25 per share. At the end of the year, the fair value of the shares is 552 million Required: Prepare the appropriate journal entries from the purchase through the end of the year. investee income; dividends L012-6