Intel Corporation purchased 29 percent of AMD Inc.'s voting stock on January 1, 2015, for £3.7 million in cash. At the date of acquisition, AMD reported its total assets at £65 million and its total liabilities at £58 million. Investigation revealed that AMD's equipment (10-year life) was overvalued by £1.9 million and it had an unreported patent (4-year life) valued at £600,000. AMD declares and pays £120,000 in dividends and reports net income of £280,000 in 2022.

Required: Prepare the necessary journal entries on Intel's books to report the above information for 2022 assuming Intel uses the equity method to report its investment.