On May 2, 2021, Coffee Inc purchased 45,000 common shares in Bean Ltd for $360,000 (which accounts for 1% of total Bean Ltd's common shares outstanding). The management of Coffee Inc. has designated the investment as FVTOCI. Bean Ltd paid $20,000 dividends during 2021 and on December 31, 2021 its shares were trading at $7.20 per share

Prepare all the appropriate journal entries related to 2021, assuming Coffee Inc has a December 31 year-end).