On January $1,2023,$ Hurts Inc. paid $$2,000,000$ to acquire $50,000$ shares of Kelce Corporation's common stock representing a $25\%$ investment. Hurts Inc. has significant influence over Kelce Corporation and therefore Hurts Inc. uses the equity method of accounting. During $2023$ Kelce Corp. declared a $$1$ per share dividend and reported net income of $$800,000.$

Required:

$1.$ Record the journal entries for $($a$)$ the acquisition of the investment, $($b$)$ the receipt of dividends, and $($c$)$ recording of Hurts $25\%$ share of the net income for $2023.2.$ Determine the balance in the Investment in Kelce Corp. account at December $31,2023.$