On January 1, 2022, Padme Corporation acquired another 18,000 common shares of Skywalker Company for $12 each. The book values of Skywalkers net assets were equal to fair values except for specialized equipment, which was understated by $16,000. The equipment had an estimated remaining life of 8 years. During 2022, Skywalker reported net income of $85,000 and paid dividends of $12,000. At December 31, 2022, the fair value of Skywalkers shares was $16 per share

. REQUIRED: b) Prepare the journal entries on the books of Padme Corporation for the investment in Skywalker for the 2022 fiscal year. (4 Marks)