February 1, 2020. Candy Corp. purchased 10,000 common shares of Kane Corporation for $550,000. Candy was not able to exercise significant influence over the key managerial decision of Kane Corporation. Candy intends to hold this investment as long term investment. (Hint: Fair-Value OCI model is used to accounting for this investment).

Required: Prepare all necessary entries on the following days:

i. Feb 1, 2020: acquisition date, purchased 10,000 shares for $550,000.

ii. Dec 31, 2020, the fair market value for Kane shares is $590,000.

iii. Jan 23, 2021. Candy sold all Kane for a net proceeds of $580,000 (Without Recycling).