On January $1,$ Year $8,$ Shuswap Inc. and Kalamalka Inc. formed a new joint venture, Okanagan Inc. Shuswap contributed equipment with a book value of $$900,000$ and a fair value of $$2,100,000$ for a $50\%$ interest in the joint venture. On December $31,$ Year $8,$ Okanagan Inc. reported a net income of $$612,000.$ The equipment transferred has an estimated useful life of $20$ years. Ignore taxes.

Assume the transaction does not have commercial substance because the equipment will be used for the same purpose by Okanagan. Calculate the gain on the contribution of equipment and prepare the journal entries for Shuswap Inc. to record the events on January $1$ and December $31,$ Year $8,$ including Shuswap$$s share of profit.