Fizer Pharmaceutical paid $75 million on January 2, 2021, for 3 million shares of Carne Cosmetics common stock. The investment represents a 30% interest in the net assets of Carne and gave Fizer the ability to exercise significant influence over Carnes operations. Fizer received dividends of $1 per share on December 21, 2021, and Carne reported net income of $40 million for the year ended December 31, 2021. The fair value of Carnes common stock at December 31, 2021, was $25.50 per share.

• The book value of Carne's net assets was $170 million.
• The fair value of Carne's depreciable assets exceeded their book value by $40 million. These assets had an average remaining useful life of twelve years.
• The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill.

Required: Complete the table below and prepare the appropriate journal entries related to the investment during 2021.

On December 12, 2021, an equity investment costing $84,000 was sold for $108,000. The investment was carried in the balance sheet at $79,000, and was accounted for under the equity method. An error was made in which the total of the sale proceeds was credited to the investment account. Required: 1. & 2. Prepare the following journal entries (Ignore income taxes). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)