Samsung Electronics purchased 28 percent of LG Corporation's voting stock on January 1, 2017, for £4.8 million in cash. At the date of acquisition, LG reported its total assets at £85 million and its total liabilities at £78 million. Investigation revealed that LG's buildings (20-year life) were overvalued by £3.5 million and it had an unreported brand (5-year life) valued at £1 million. LG declares and pays £170,000 in dividends and reports net income of £350,000 in 2023.

Required: Prepare the necessary journal entries on Samsung's books to report the above information for 2023 assuming Samsung uses the equity method to report its investment.