Telecom Mobile Inc. purchased 30% of Flash Corporations 29,000 outstanding common shares at a cost of $15 per share on January 3, 2018. The purchase price of $15 per share was based solely on the book value of Flashs net assets. On September 21, Flash declared and paid a cash dividend of $37,800. On December 31, Telecom Mobiles year end, Flash reported net income of $82,000 for the year. Flash shares had a fair value of $14.75 per share at December 31. Telecom Mobile Inc., a private Canadian corporation applies ASPE.

Required

1. Under the assumption that the 30% holding of Flash does not give Charles significant influence over Flash, prepare the 2018 entries using the FV-NI Method.