Heritage Ltd. was organized on January 2, 2023. The following investment transactions and events occurred during the following months: 2023 Jan. 6 Henitage paid $582,500 (including transaction fees of $50 ) for 50,790 shares (208) of Port Inc. outstanding coemon shares. Apr. 30 Port declared and paid a cash dividend of $1.30 per share. Dec. 31 Port announced that its profit for 2023 was $550,090. Fair value of the shares was $12.50 per share. 2824 Oct. 15 Port declared and paid a cash dividend of $0.90 per share. Dec. 31 Port announced that its profit for 2024 was $709,000. Fair value of the shares was $12.88 per share. 2025 Jan. 5 Heritage sold all of its investment in. Port for $689, 000 cash. Assume that Heritage has a significant influence over Port with its 20% share. Required: 1. Prepare the entries to record the preceding transactions in Heritage's books. Required: 1. Prepare the entries to record the preceding transactions in Heritage's books. Journal entry worksheet 56 Record the purchase in strategic investment. Note: Enter debits before credits. 2. Calculate the carrying value per share of Heritage's investment as reflected in the investment account on January 4 , 2025. (Round your answer to 2 decimal places.) 3. Calculate the change in Heritage's equity from January 2, 2023, through January 5,2025 , resulting from its investment in Port