As a long$-$term investment, on January $1,2022,$ Farmington Manufacturing Co$.$ purchased $200,000$ shares of stock in Bristol Corporation for $$960,000.$ On the date of the purchase, the fair value and book value of Bristol Corporation's net assets were the equal. During the year $2022,$ Bristol Corporation earned net income of $$500,000$ and distributed cash dividends of $25$ cents per share. At the end of $2022$ the fair value of Bristol's shares acquired by Farmington Manufacturing Co$.$ amounted to $$1,010,000.$

Question #$2$

Assume that the $200,000$ shares of stock that Farmington acquired represents $10\%$ of Bristol's shares and that no significant influence was acquired. Prepare all of the journal entries that Farmington Manufacturing would record during $2022$ associated with its initial acquisition and continued ownership of Bristol Corporation's stock, including any impact of Bristol's earnings and the dividend they paid during the year.