Question 1: (A) Fernandes Inc.. purchases a 40% investment or 80,000 shares in Dorcas & Wirk Ltd. for $750,000 cash plus a $250,000 note payable on August 1, 2021. They intend to hold this investment for at least two years. B) On November 30, 2021 Dorcas & Wirk Ltd. reports net income of $730,000 for the year. C) As of November 30, 2021 Dorcas & Wirk Ltd's shares have a fair value of $12.80 per share. D) On July 31, 2022 Dorcas & Wirk Ltd. declares and pays a cash dividend of $2.80 per share. E) On November 1, 2022 Femandes Inc. sells 40,000 shares of Dorcas & Wirk Ltd.. for $35 per share. Required: 1 What type of investment is this and what part of assets section of the balance sheet should it be recorded in based on the above information. 2 Create the necessary journal entries to record all of the above transactions, no descriptions are required. F) For required 1 and 2 above, assume transaction A from above is revised to read "Fernandes Inc. purchases a 10% investment or 80,000 shares in Dorcas & Wirk Ltd. For $1,000,000 cash on August 1, 2021. They only intend to hold the investment for a short period of time." 3 Under the revised description, what type of investment is this and what part of the assets section of the balance sheet should it be recorded in? 3A Create the necessary journal entries to record all of the above transactions for the revised point A- E but using the information in point F) instead, no descriptions are required.