On January 1, 2022, Wayne Corporation acquired 55,000 common shares of Garth Company for $30 each. At the time, Garth had 687,500 common shares outstanding. The investment was classified as FV-NI. During 2022, Garth reported net income of $800,000 and did not declare or pay dividends. At the end of 2022, the fair value of Garths shares was $35 per share.

REQUIRED:

1. Prepare Wayne Corporations journal entries for the investment in Garth for the 2022 fiscal year. (2 Marks)