Emphasi Change Styles- 3. On January 1, 2020, Punk Ltd purchased 10% of the outstanding 1,000,000 common shares of Sunk for $200,000. Punk considers this investment to be a non-strategic investment. At the December 31, 2020 year end. the fair value of this investment was $208,000. Sunk's profit in 2020 was $100,000. Sunk paid a dividend of $.60 per common share. On January 1, 2021, Punk decided to buy an additional 25% of Sunk's 1,000,000 common shares for $500,000. This second purchase allowed Punk to significantly influence Sunk. In 2021, Sunk's profit was $140,000. Sunk paid dividends of S.50 per common share in 2021.Required: Make journal entries for 2020 and 2021 on Punk's books with respect to the Investment in Sunk. Answer