On 1/1/2022, Titanic Company purchased 56,000 ordinary shares from Tiny Company. This purchase accounts for 25% of Tiny Companys ordinary shares outstanding.

Tiny Company has the following transactions.

	Tinys stock price per share
1/1/2022	$12.00
31/12/2022	$15.60
31/12/2023	$10.80
	Tiny's reported net income (loss)
31/12/2022	$1,612,800
31/12/2023	($1,452,800)
	Tiny announced and paid cash dividend
28/1/2023	$322,560

Instruction

Prepare journal entries for Titanic Company in the year 2022 and 2023.