Batman Corp invested $$3,150,000$ in Superman Inc. for $30\%$ of its outstanding common shares. At this time, the book value $($equity$)$ of Superman Inc. was $$8,400,000.$ Oregano's pays out $25\%$ of its net income in dividends each year. Batman elects two of five members of Superman's board of directors. During $2023,$ Batman received a cash dividend of $$315,000$ from Superman Inc.

Instructions

a$.$ Record the initial purchase of the Superman Inc. shares by Batman Corp.

b$.$ Calculate Superman Inc.$\text{'}$s net income for $2023.$

c$.$ Record the $2023$ journal entries related to this investment on Batman's books.