Texas Corporation acquired a 40% interest in Oklahoma Company on January 1, 2020, for $750,000. At that time, Oklahoma had 1,000,000 shares of its $1 par common stock issued and outstanding. On June 1, 2020, Oklahoma paid cash dividends of $240,000. Oklahoma's net income for 2020 was $540,000. The fair value of Texass investment on December 31, 2020 was $900,000.

Required:

A. Record the necessary entries for Texass investment account in 2020?

B. What is the balance in Texass equity investment account at the end of 2020?