Question 1. {25 marks) Note: review text example page fi and self study 2 question on pages 3233 prior to completing this question NN Company purchased l common shares of 55 Inc- on January l= Year 1 for $2. 55 inc. had B common shares outstanding. The following information relates to 55 Inc; Net Income (loss) Dividends paid Market value'share at December 31 Year 1 $200,000 $00,000 $13 Year 2 $020,000) $35,000 $10 On January I, Year 3,1010 sold Investment in 55 Inc- shares for $21 per share- Required: Show all calculations for full marks i) Prepare the journal entries for years 1 and 2 assuming the following independent scenarios: a) Investor plans to sell the shares in the short term for prot 1:) Elect to use FV'I'GCI c) Investor has signicant inuence