XYZ Corporation purchased 40% ownership of Aspen Company on January 1, 2019 for $820,000. On that date, the book value of net assets reported by Aspen was $1,500,000. At this date, Aspens depreciable assets were undervalued by $300,000. The depreciable assets have a remaining useful life of 10 years. Net income and dividend payments of Aspen Company for 2019 and 2020 were:

	Year	Net Income	Dividends
	2019	$ 120,000	$ 20,000
	2020	240,000	80,000

Required: Prepare the journal entries for 2020 (i.e., the second year of ownership) for XYZ Corporation relating to its investment in Aspen Company, assuming XYZ exercises significant influence over Aspen.