Exercise $12-20($Algo$)$ Equity method; purchase; investee income; dividends $[$LO$12-6]$

As a long$-$term investment at the beginning of the $2024$ fiscal year, Florists International purchased $25\%$ of Nursery Supplies Incorporated's $20$ million shares for $$61$ million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $$44$ million and distributed cash dividends of $$1\mathrm{.}40$ per share. At the end of the year, the fair value of the shares is $$57$ million.

Required:

Prepare the appropriate journal entries from the purchase through the end of the year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions, $($i$.$e$.,10,000,000$ should be entered as $10).$

Journal entry worksheet

$1$

$2$

$3$

$4$

Record the investment in Nursery Supplies shares.

Note: Enter debits before credits.

$\backslash$table$[[$Transactions$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,]]$