Skywalker Limited purchased shares of Jedi Jewelers during 2018 for $124,000 and has significant influence. Skywalker elected the fair value option for accounting for this investment. At year-end 2018, 2019, and 2020, this investment had a fair value of $120,000, $130,000, and $135,000, respectively. Record the journal entries for the purchase of this investment and the adjustment to fair value for each of the three years listed.
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