RR Company purchased 12,000 common shares of SS Inc. on January 1, Year 1 for $198,000....

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RR Company purchased 12,000 common shares of SS Inc. on January 1, Year 1 for $198,000. SS inc. had 80,000 common shares outstanding. The following information relates to SS Inc.: Net Income (loss) $300,000 S(180,000) Dividends paid $75,000 $40,000 Market value/share at December 31 $17.25 $18.30 Year 1 Year 2 On January 1, Year 3, RR sold Investment in SS Inc. shares for $20 per share. i) Prepare the journal entries for years 1, 2 and on January 1, year 3 assuming the following independent scenarios: a) Investor plans to sell the shares in the short term for profit b) Elect to use FVTOCI (include closing journal entry on January 1 Year 3) c) Investor has significant influence ii) How much is the total change in Retained Earnings from January 1, Year 1 to January 1, Year 3 for each scenario? Show all #s for each year to support your total change RR Company purchased 12,000 common shares of SS Inc. on January 1, Year 1 for $198,000. SS inc. had 80,000 common shares outstanding. The following information relates to SS Inc.: Net Income (loss) $300,000 S(180,000) Dividends paid $75,000 $40,000 Market value/share at December 31 $17.25 $18.30 Year 1 Year 2 On January 1, Year 3, RR sold Investment in SS Inc. shares for $20 per share. i) Prepare the journal entries for years 1, 2 and on January 1, year 3 assuming the following independent scenarios: a) Investor plans to sell the shares in the short term for profit b) Elect to use FVTOCI (include closing journal entry on January 1 Year 3) c) Investor has significant influence ii) How much is the total change in Retained Earnings from January 1, Year 1 to January 1, Year 3 for each scenario? Show all #s for each year to support your total change