: On 01/03/22, P Company purchased 6,000 of the 20,000 shares of X, Inc. for $17 per share. On the date of acquisition, P calculated that its share of the excess of the fair value over the book value of Xs depreciable assets was $40,000 and that the purchased goodwill was $12,000. At the end of 2022, X reported net income of $200,000 and paid dividends of $80,000. X depreciates its depreciable assets over a 10-year remaining life.

Prepare all the journal entries of P to record the preceding information for 2022.