On January 1, 2021, Jimmer Corp. purchased 25% of Laetner Corp.s common stock for $2,000,000. Below is information about the book value and fair value of Laetners assets:

Required (Please put Dr in front of your debits and Cr in front of your credits)

#1 - Record the journal entry Jimmer Corp. recorded when they purchased Laetners equity.

#2 - Record the journal entries to account for Laetners income, dividends, and adjusting entries.

#3 - Assume Laetner sold the asset for 2,200,000 on January 1, 2022. Record Jimmer Corp.s journal entry associated with the sale of Laetner Corp.s stock.

01/01/21 01/01/21 Book Value Fair Value Building (5 year remaining useful life) $2,000,000 $3,000,000 Inventory $ 800,000 $1,000,000 Land $1,200,000 $2,000,000 Other Assets $1,000,000 $1,000,000 Laetner's Income Laetner's 2021 dividends $1,000,000 $ 200,000