Please answer question 7.

Heritage Ltd. was organized on January 2, 2023. The following investment transactions and events occurred during the following months: 2023 Jan. 6 Heritage paid \\( \\$ 591,500 \\) (including transaction fees of \\( \\$ 50 \\) ) for 51,600 shares (20\\%) of Port Inc. outstanding common shares. Apr. 30 Port declared and paid a cash dividend of \\( \\$ 1.20 \\) per share. Dec. 31 Port announced that its profit for 2023 was \\( \\$ 640,000 \\). Fair value of the shares was \\( \\$ 13.40 \\) per share. 2624 Oct. 15 Port declared and paid cash dividend of \\( \\$ 0.80 \\) per share. Dec. 31 Port announced that its profit for 2024 was \\( \\$ 790,000 \\). Fair value of the shares was \\( \\$ 13.78 \\) per 5 hare. 2025 Jan. 5 Heritage sold all of its investment in Port for \\( \\$ 698,000 \\) cash. Assume that Heritage has a significant influence over Port with its \20 share. Required: 1. Prepare the entries to record the preceding transactions in Heritage's books. Journal entry worksheet 1 Record the purchase in strategic investment. 2 Record the dividends received from strategic investment. 3 Recond the share of profits of equity investment. 4 Record the dividends received in equity investment. 5. Record the share in profits of equity investment. 5. Record sale in strategic investment. 2. Calculate the carrying value per share of Heritage's investment as reflected in the investment account on January 4, 2025. (Roun your answer to 2 decimal places.) 3. Calculate the change in Heritage's equity from January 2, 2023, through January 5.2025 , resulting from its investment in Port