On $30$ June $20$X$2,$ King Ltd$.$ purchased $49,000$ shares of Prince inc. for $$68,600$ plus $$4,900$ in commission in $20$X$2,$ the company received $52,450$ of dividends, and the shares had a fair value of $$88,200$ at the end of the year in $20$X$3,$ there were no dividends and the shares were sold for $$117\mathrm{.}600$ less a $$1,960$ commission

Required:

$1.$ Prepare journal entries for $20$X$2$ and $20$x$3$: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Assuming King reports under ASPE and has chosen the cost method.