Ocean Corporation decided to purchase 35% of the outstanding shares of Land View Ltd. A detailed analysis of Land View Ltd. found out the followings:

- The liabilities reported in its books at December 31, 2020 in the amount of $20 million fairly represent their economic values. As for the assets, their book value is $45million.

- The company owns an office building in downtown Calgary where its headquarters are located. The net book value of this building, including the land, is $10 million. Land View purchased the land for $6 million some 20 years ago and then constructed the building. Currently the fair value of the land is $9million and the fair value of the building is $8 million. The remaining useful life of the building in Land View's books is 20 years.

- The firm has developed a patent. The fair value of the patent is $12 million. Given future advances in technology, the value of the patent will decline and become worthless 6 years from now. The patent was developed by the company and all the related costs were recorded as research and development expenses.

- On January 1, 2021, Ocean Corporation purchased 35% of the shares of Land View, based on its fair value. After the acquisition of the shares, Ocean was able to exercise significant influence over Land View.

- In 2021, Land View reported net income of $10 million and distributed 40% of it as cash dividends.

- In 2022, the earnings of Land View doubled compared with 2021. Land View distributed 60% of its income as cash dividends.

- On December 31, 2022, Ocean sold its investment in Land View Ltd. for $20 million.

Required: (Note: All supporting calculations must be shown)

Assuming Ocean accounts for this investment using the method required under IFRS,

a) Record the initial purchase by Ocean Corp.

b) Record the entries related to the investment in Land View Ltd. for 2021.

c) Record the entries related to the investment in Land View Ltd. for 2022.