Heritage Ltd was organized on January 2. 2020. The following investment transactions and events occurred during the following months: Jan. 6 Heritage paid $588,500 for 51,300 shares (209) of Port Inc. outstanding common shares. Apr 30 port declared and paid a cash dividend of $1.40 per share. Dec 31 Port announced that its profit for 2020 was $610,000. Fair value of the shares was $13.10 per share. 2021 Oct. 15 Port declared and paid a cash dividend of $1.00 per share. Dec.31 Port announced that its profit for 2021 was $760,000 Fair value of the shares was $13.48 per share. 2022 Jan. 5 Heritage sold all of its investment in Port for $695,000 cash. Assume that Heritage has a significant influence over Port with its 20% share. Required: 1. Prepare the entries to record the