Puppy, Inc. acquired the following investment in Cookie Enterprises on January 1, 2019.

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Puppy, Inc. acquired the following investment in Cookie Enterprises on January 1, 2019. Puppy Inc.'s investment provides it an opportunity to have significant influence over Cookie and so it accounts for the Cookie Investment under the equity method. Acquisition Value Percentage of outstanding shares acquired Book value of Cookie at date of acquisition $ 5,150,000 40% $ 8,500,000 years Any difference between acquisition and fair market 8 During 2019, Cookie Enterprises reported the following: Net Income $ 2,500,000 Dividends declared and paid $ 1,045,000 Required: 1. Prepare the acquistion value calculation on January 1, 2019. 2. Prepare the 2019 journal entries necessary to account for the investment