Please explain each entry and determine how the values are found:

1. Ocean Enterprises Inc. acquired 15% of the 100,000 outstanding common shares of Zebrafish Ltd. on January 1, 2011 for a cash consideration of $150,000 and a further 10% of the company's common shares a year later for $110,000. On July 1, 2012, Ocean Enterprises sold half their holding in Zebrafish for proceeds of $150,000. Zebrafish earned income of $150,000 in 2011 and $180.000 in 2012 (evenly over both years) and paid a regular semi-annual dividend of $60,000 in June and December each year. Ocean Enterprises does not have significant influence over Zebrafish and elected when it first acquired its initial investment in Zebrafish to account for this investment through other comprehensive income. The company's shares were trading for $11 at the end of 2011 and $12.50 at the end of 2012. Prepare dated journal entries for Ocean Enterprises for 2012 to account for its investment in Zebrafish and any related income therefrom.

January 1, 2012 Investment in Zebrafish $110,000 Cash (To record second purchase of shares in Zebrafish) $110,000 June 30, 2012 Cash $15,000 Dividend income (To record receipt of dividend at June 30, 2012) $15,000 July 1, 2012 Investment in Zebrafish $25.000 Investment revaluation gain (OCI) (To revalue holding to $12 per share on date of sale) $25,000 Cash $150,000 Investment in Zebrafish (To record sale of 12,500 shares for $12 each) $150,000 Investment gain (OCI) $20,000 Retained earnings (To transfer realized gain to retained earnings) $20,000 Dec 31, 2012 Cash $7,500 Dividend income (To record receipt of Dec 31. 2012 dividend) $7,500 $6,250 Investment in Zebrafish Investment revaluation gain (OCI) (To revalue shares to $12.50 per share) $6,250