ABC Company acquires a 10% ownership in XYZ Company on January 1, 2015. ABC Company does not have the ability to exert significant influence over XYZ. ABC properly records the investment by using the fair-value method as an available-for-sale security. On January 1, 2017, ABC purchases another 30% of XYZs outstanding shares, thereby achieving the ability to significantly influence XYZs decisions. From 2015 through 2017, XYZ reports net income, declares and pays cash dividends and has fair values at Jan. 1 of each year as follows: Year 2015 2016 2017 Net income Cash Dividends Fair value at Jan. 1 $1,000,000 2,400,000 3,000,000 200,000 600,000 800,000 $1,000,000 1,040,000 1,200,000 Required: Prepare all journal entries that should occur in ABCs records in 2017. Answer Calculations: