Orchid Inc acquired 70,000 common shares, which is 30% of the outstanding common shares, of Mango Ltd. on January 1,2022 for $700,350. At the time of purchase, Mango Ltd. depreciable assets were undervalued by $45,440. The depreciable assets had a remaining useful life of 5 years with no salvage value. Mango Ltd, declared and paid a cash dividend of $0.70 per share on July 31, 2022. Mango Ltd. reported \$1.2 million as net income on December 31,2022 for the year ending on this date. Assume that Orchid Inc. is in a position to exercise significant influence over Mango Ltd, and that Orchid follows IFRS. On May 16, 2023, Orchid sold 7,350 of its shares in Mango for $135,000. Winsor has no immediate plans to sell its remaining investment in Mango and still exercises significant influence. Mango is actively traded, and stock price information follows: January 1,2023$5.50 December 31,2023$6.50 REQUIRED: Prepare all the journal entries for 2022 and 2023 in the books of Orchid Inc. relating to above transactions. Calculate the balance in Orchid's "Investment in Mango: account at May 16, 2023