On January 1, 2020 Gulf Co purchased 10.000 shares of Bahrain C common stock for $1.600,000 cash granting Guilos interest and the ability to exerche significant influence. The excess value of $36,000 of cost over book value was attributed solely goodwill Bahral reported net income of $360,000 and dedored dividend of $55.000 ie the year 2020 and net income of 5420.000 and dividend of 5120,000 for the year 2021. On November 1, 2021 Gulf sold 20,000 of its shares in Bahrain Co for 12 each but maintain its sigricant influence with 30% ownership interest Required: (4 points) 1. Prepare the journal entries to record (please leave a line between entries): Gulf westment in Bahrain on January 1, 2020 Guil share of Bahrain income and dividend for the year 2021 2. Calculate the resultat gain or loss from the cale of the shares 3. What is the totalect in the 2021 Gulf Co. Income statement