X Ltd. (X) purchased 40% of Y Ltd. (Y) on January 1, 2022, for $400,000. Y paid dividends of $50,000 in each year. Y's income statements for 2022 and 2023 showed the following.

	2022	2023
Income (loss) before income taxes	$100,000	($60,000)
Income tax expense (recovery)	40,000	(15,000)
Net income (loss)	$60,000	($45,000)
Other comprehensive income (net of tax)	20,000	25,000
Comprehensive income (loss)	$80,000	($20,000)

At December 31, 2022, the fair value of the investment was $440,000 and at December 31, 2023, the fair value of the investment was $420,000. Required: Prepare X's journal entries for 2022 and 2023, assuming that this is a non-strategic investment and is accounted for at fair value through profit and loss (FVTPL). (20 marks)