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Heritage Ltd. was organized on January 2,2023. The following investment transactions and events occurred during...

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Accounting

Heritage Ltd. was organized on January 2,2023. The following investment transactions and events occurred during the following months:
2023
Jan. 6 Heritage paid $593,500(including transaction fees of $50) for 51,800 shares (20%) of Port Inc. outstanding common shares.
Apr. 30 Port declared and paid a cash dividend of $1.40 per share.
Dec. 31 Port announced that its profit for 2023 was $660,000. Fair value of the shares was $13.60 per share.
2024
Oct. 15 Port declared and paid a cash dividend of $1.00 per share.
Dec. 31 Port announced that its profit for 2024 was $810,000. Fair value of the shares was $13.98 per share.
2025
Jan. 5 Heritage sold all of its investment in Port for $700,000 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 Heritages books.
2. Calculate the carrying value per share of Heritages investment as reflected in the investment account on January 4,2025.(Round your answer to 2 decimal places.)
3. Calculate the change in Heritages equity from January 2,2023, through January 5,2025, resulting from its investment in Port.

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