On January 1, 2022, Robin Corporation acquired 48,000 common shares of Batman Company for $60 each. At the time, Batman had 1,200,000 common shares outstanding. The investment was classified as FV-NI. During 2022, Batman reported net income of $1,000,000 and did not declare or pay dividends. At the end of 2022, the fair value of Batmans shares was $70 per share.

On January 1, 2023, Robin Corporation acquired another 372,000 common shares of Batman Company for $70 each. The book values of Batmans net assets were equal to fair values except for specialized equipment, which was understated by $38,000. The equipment had an estimated remaining life of 10 years. During 2023, Batman reported net income of $830,000 and paid dividends of $160,000. At December 31, 2023, the fair value of Batmans shares was $105 per share.

On January 1, 2024, Robin Corporation acquired another 120,000 common shares of Batman Company for $105 per share. The book values of Batmans net assets were equal to fair values except for specialized equipment, which was now understated by $34,200 and had an estimated remaining useful life of 9 years. During 2024, Batman Company reported a net income of $900,000 and paid dividends of $220,000. At December 31, 2024, the fair value of Batmans shares was $110 per share.

On January 1, 2025, Robin Corporation acquired another 180,000 common shares of Batman Company for $110 each. The book values of Batmans net assets were equal to fair values except for specialized equipment, which was now understated by $36,000 and had an estimated remaining useful life of 8 years. During 2025, Batman Company reported a net income of $1,250,000 and paid dividends of $340,000. At December 31, 2025, the fair value of Batmans shares was $90 per share.)

On January 1, 2026, Robin Corporation sold 108,000 shares of Batman Company for $90 per share. On the date of the sale, Robin showed a balance of $1,500,000 in its contributed surplus account. Prepare the yearly journal entries on the books of Robin Corporation to record the investment in Batman for the 2022-2025 fiscal years and the 2026 sale of the shares in Batman.

Prepare the yearly journal entries on the books of Robin Corporation to record the investment in Batman for the 2022-2025 fiscal years and the 2026 sale of the shares in Batman.