X Ltd. (X) and Y Ltd. (Y) formed a joint venture called ABC Inc. (ABC) on January 1, 2023. X contributed equipment with a book value of $600,000 and a fair value of $2,100,000 for a 50% interest in the joint venture. On December 31, 2023, ABC reported a net income of $612,000. The equipment transferred has an estimated useful life of 20 years. Ignore taxes. Assume the transaction does not have commercial substance because X owned a similar portion of the same type of equipment both before and after the contribution to the joint venture. Assume X received a 50% interest plus $390,000 in cash. Prepare the journal entries to record the contribution of assets, the share of earnings and the realization of the gain on transfer