Federation Limited, a public company, acquires 17,500 of Dominion Inc.s 50,000 common shares outstanding for $15.00 per share on January 2, 2021. On June 15, 2021, Dominion pays a cash dividend of $50,000. On December 31, 2021, Dominion reports profit of $80,000 for the year. Dominion Inc. shares are trading at $14 per share on that date. Both companies have December 31 year ends.

REQUIRED:

1. Prepare journal entries for the above transactions and any required adjusting journal entries for the year ended December 31, 2021, assuming Federation Limited intends to hold the investment in Dominion for strategic purposes and Federation has significant influence over Dominion. 2. Calculate the amount that would be reported on the balance sheet of Federation Limited for the investment in Dominion at December 31, 2021. 3. What would Federation report for its investment in Dominion on its balance sheet at December 31, 2021, if it was holding Dominion shares for trading purposes (account and amount)?

It's urgent, please answer asap......