In order to establish some effective control over a supplier, on 1/10/21, Davies Company purchased 240,000 shares of Maxwell Corporation for $3,600,000, representing a 30% interest in Maxwell. Davies approprately accounts for the investment using the equity method. During 2021, Maxwell paid cash dividends of $1.20 per share. Maxwell recorded net income for 2021 of $2,080,000. Prepare all journal entries Davies would record in 2021 regarding this investment. If Davies were to sell 40,000 shares of Maxwell stock in January 2022 for $16.75 per share, what journal entry would Davies make to record the transaction?