needs correction

As a long-term investment at the beginning of the fiscal year, Florists International purchased 30% of Nursery Supplies Inc.'s 8 million shares for $56 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $40 million and distributed cash dividends of $1.25 per share. At the end of the year, the fair value of the shares is $52 million. Required: Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) No Event General Journal Debit Credit 1 1 Investment in Nursery Supplies shares 33 56,000,(X Cash 56,000,(X 2 2 Investment in Nursery Supplies shares 12,000,(X Income summary X 12,000,(X 3 3 Cash 10,000,(X Investment in Nursery Supplies shares 10,000,(X 4 4 No journal entry required