Benji's Holdings, a Public Company, Purchased the Following Investments on September

Benji's Holdings, a public company, purchased the following investments on September 1, 2021:
- 4,000 common shares of Huge Public Co., which trade on the TSX, were purchased at $ 15. Benji's purchased the shares with the intention of selling them immediately if the value increases or if cash is needed for other business purposes.
- 6,500 common shares of Rover's Dog Grooming Ltd were purchased for $ 65,000. This investment represents 30% of the common shares of Rover's. Benji's will be able to elect two directors to Rover's board of directors and so expects to influence the direction of the company.
At December 31, 2021, Benji's year end, the following information about these investments is available:
- Huge Public Co. shares are trading on the TSX at $ 16.25.
- Rover's reported $ 80,000 in net income for the period September 1 through December 31, 2021, and paid no dividends during this period.
Instructions
a) Record each of the purchases on September 1, 2021.
b) Record any adjusting entries required on December 31, 2021 related to these investments.