Forte Inc. produces and sells theater set designs and costumes. The company began operations on January $1,20$Y$6.$ The following transactions relate to securities acquired by Forte Inc., which has a fiscal year ending on December $31,20$Y$6$:

Jan. $10$ Purchased an influential interest in Imboden Inc. for $$740,000$ by purchasing $99,200$ shares directly from the estate of the founder of Imboden Inc. There are $310,000$ shares of Imboden Inc. stock outstanding.

Dec. $31$ Received $$57,600$ of cash dividends on Imboden Inc. stock. Imboden Inc. reported net income of $$480,000$ in $20$Y$6.$ Forte Inc. uses the equity method of accounting for its investment in Imboden Inc.

Required:

$1.$ Journalize the entries to record these transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

$2.$ Should Forte Inc.$$s investment in Imboden Inc. be reported at fair value on its financial statements for the year ending December $31,20$Y$6?$