On January 1, 2022, Pearl Corporation acquired another 1,500,000 common shares of Sapphire Company for $3.20 cach. The book values of Sapphire's net assets were equal to fair values except for specialized equipment, which was understated by $48,000. The equipment had an estimated remaining life of 12 years. During 2022, Sapphire reported net income of $180,000 and paid dividends of $18,000. At December 31, 2022, the fair value of Sapphire's shares was $3.50 per share. REQUIRED: b) Prepare the journal entries on the books of Pearl Corporation for the investment in Sapphire for the 2022 fiscal year. (4 Marks)