) on January 2, 2018 X company purchased a 22% interest in Y company for $240,000. Below is a summary information for Y company for the years 2018 thrugh 2020. X company purchased no other investments during 2018-2020. For the requirements below assume that X did not have significant influence over the activities of Y and it was considered a passive investment.

Yearloss for Ypaid by Yof Y as of 12/31

2018$95000$45,000$1,300,000

2019($55,000)$35,000$900,000

2020$52,000$30,000$ 1,200,000

Prepare the 2020 journal entries that X would record relating to the investment in Y.

X sold its investment in Y on January3,2021, for $280,000. No other investments were purchased during 2021. Prepare the journal entries that X record during 2021 relating to its investments.