On January 1, 2021, your company acquires 10,000 shares of Investee Business Limited (IBL), representing 42% of the shares of IBL, for $220,000. As part of that investment, your company is entitled to appoint one director to the four-member Board of Directors. For the year ended December 31, 2021, IBL earns $400,000 of profit (net income) and no other comprehensive income. Also, on December 31, 2021, IBL declares and pays a dividend of $88,000 to all shareholders. REQUIRED 1. Prepare journal entries for the following dates: (a) January 1, 2021; and (b) December 31, 2021. 2. What should be the ending balance of the Investment in IBL account on the balance sheet as of January 1, 2022