On January 1, 2020, Philip Cole acquired 25\% of the common shares of Brett Turner and paid $50,000. Subsequently, the Investment was classified as a FV-OCI Investment. On December 31, 2020. Brett Tumer eamed a $30,000 Net Income and declared/paid $5,000 Dividends. However, the Fair Market Value of the Investment was $40,000 as at Docember 31,2020. Required 1 of 4 : Prepare the joumal entry to record the purchase of the investment by SELECTING FROM THE DROP DOWN MENU. If no Journal Entry is required, select "No Entry". Also, input the DOLLAR amount in the input box provided. If no amount is required, ENTER 0. DO NOT ENTER DOLLAR SIGNS (\$), COMMAS (.) AND ROUND NUMBERS TO THE NEAREST DOLLAR. EG 35000 Jan Philip Cole purchasing Brett Turner. Required 2 of 4: Prepare the journal entry to record the correct amount of NET INCOME by Philip Cole' by SELECTING FROM THE DROP DOWN MENU. If no Journal Entry is required, select "No Entry". Also, input the DOLLAR amount in the input box provided. If no amount is required, ENTER 0. DO NOT ENTER DOLLAR SIGNS (\$), COMMAS (.) AND ROUND NUMBERS TO THE NEAREST DOLLAR. EG 35000 Dec 31/20 Required 3 of 4: Prepare the journal entry to record the correct amount of DIVIDENDS by Philip Cole by SELECTING FROM THE DROP DOWN MENU. If no Journal Entry is required, select "No Entry". Also, input the DOLLAR amount in the input box provided. If no amount is required, ENTER 0. DO NOT ENTER DOLLAR SIGNS (\$), COMMAS (.) AND ROUND NUMBERS TO THE NEAREST DOLLAR. EG 35000 Dec 3000000000 Recording the amount of Dividends by Philip Cole. Required 4 of 4: Prepare the journal entry to record the CHANGE TO FAIR VALUE by Philip Cole by SELECTING FROM THE DROP DOWN MENU. If no Journal Entry is required, select "No Entry". Also, input the DOLLAR amount in the input box provided. If no amount is required, ENTER 0. DO NOT ENTER DOLLAR SIGNS (\$), COMMAS (.) AND ROUND NUMBERS TO THE NEAREST DOLLAR. EG 35000 1 Adjusting investment to fair value by Philip Cole