please write clearly when explaing it

Hammond Corp. purchased 30% of the shares of Freeman Inc. on January 1, 2018 for a total price of $2.2 million for 100,000 shares. Freeman Inc. declared a $0.25 per share cash dividend in each quarter that was received on March 15, June 15, September 15 and December 15. Freeman Inc. reported net income of $1 million for the year ending December 31, 2018. At December 31, 2018 the market price per share of Freeman Inc. was $26. 1) Provide all entries required in fiscal 2018 assuming the investment is classified as fair value through profit or loss. (6 marks) 2) Provide all entries required in fiscal 2018 assuming the investment gives Hammond Inc. significant influence and thus the equity method is applied. (6 marks)