2 10 po Heritage Ltd

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 2 10 po Heritage Ltd. was organized on January 2, 2020. The following investment transactions and events occurred during the following months: 2020 Jan. 6 Heritage paid $581,500 for 50,600 shares (20*) of Port Ine. outstanding common wharen. Apr.30 Port declared and paid a canh dividend of $1.20 per share. Dec.31 port announced that it profit for 2020 was $540,000. Fair value of the shares was $12.40 per share. 2021 Oct. 15 Port declared and paid a cash dividend of $0.00 per share. Dec.31 Port announced that its profit for 2021 was $690,000. Pair value of the shares was $12.78 per share. 2022 Jan. 5 Heritage sold all of its investment in Port for $688,000 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. View transaction ist