Kimmins Inc. purchased an investment in Swayman Corporation for $750,000 on January 1, 2023, representing 15% of the book value of Swayman. Swayman reported net income of $90,000 and paid cash dividends of $50,000 during 2023. The fair value of Kimmins' investment amounted to $800,000 as of December 31, 2023. Required
1. At what amount is the investment reported on Kimmins' balance sheet at year-end?
2. What amount of total investment income does Kimmins report on the income statement?
3. Prepare all the required journal entries to record the transactions for Kimmins Company.