ON JANUARY 1, 2023, GIANT CORP. ACQUIRED 25% OF THE OUTSTANDING STOCK OF STEELER CO. FOR $1,200,000. THIS ACQUISITION GAVE GIANT THE ABILITY TO EXERCISE SIGNIFICANT INFLUENCE OVER STEELER THE INVESTEE. THE 100% VALUE OF THE ACQUIRED SHARES WAS $4,000,000. ANY EXCESS COST OVER UNDERLYING BOOKVALUE WAS ASSIGNED TO A PATENT THAT WAS UNDERVALUED ON STEELER'S BALANCE SHEET. THE PATENT HAS A REMAINING USEFUL LIFE OF TEN YEARS. FOR THE YEAR ENDED DECEMBER 31, 2023, STEELER REPORTED 100% NET INCOME OF $450,000 AND PAID 100% CASH DIVIDENDS OF $100,000. 1-CALCULATE THE INVESTMENT ACCOUNT AT DECEMBER 31, 2023. 2-PREPARE THE FIVE JOURNAL ENTRIES REQUIRED FOR THIS INVESTMENT.

ON JANUARY 1, 2023, GIANT CORP. ACQUIRED 25\% OF THE OUTSTANDING STOCK OF STEELER CO. FOR $1,200,000. THIS ACQUISITION GAVE GIANT THE ABILITY TO EXERCISE SIGNIFICANT INFLUENCE OVER STEELER THE INVESTEE. THE 100\% VALUE OF THE ACQUIRED SHARES WAS $4,000,000. ANY EXCESS COST OVER UNDERLYING BOOKVALUE WAS ASSIGNED TO A PATENT THAT WAS UNDERVALUED ON STEELER'S BALANCE SHEET. THE PATENT HAS A REMAINING USEFUL LIFE OF TEN YEARS. FOR THE YEAR ENDED DECEMBER 31, 2023, STEELER REPORTED 100\% NET INCOME OF \$450,000 AND PAID 100\% CASH DIVIDENDS OF $100,000. 1-CALCULATE THE INVESTMENT ACCOUNT AT DECEMBER 31 , 2023. 2-PREPARE THE FIVE JOURNAL ENTRIES REQUIRED FOR THIS INVESTMENT