QUESTION 1 (24 Marks) On January 1, 2021, Pearl Corporation acquired 1,000,000 common shares of Sapphire Company for $3 each. At the time, Sapphire had 10,000,000 common shares outstanding. The investment was classified as FV-NI. During 2021, Sapphire reported net income of $165,000 and declared and paid dividends of $20,000. At the end of 2021, the fair value of Sapphire's shares was $3.20 per share. REQUIRED: a) Prepare Pearl Corporation's journal entries for the investment in Sapphire for the 2021 fiscal year