On January $1,2020,$ Fisher Corporation purchased $40$ percent $(86,000$ shares$)$ of the common stock of Bowden, Inc., for $$974,000$ in

cash and began to use the equity method for the investment. The price paid represented a $$60,000$ payment in excess of the book

value of Fisher's share of Bowden's underlying net assets. Fisher was willing to make this extra payment because of a recently

developed patent held by Bowden with a $15-$year remaining life. All other assets were considered appropriately valued on Bowden's

books.

Bowden declares and pays a $$108,000$ cash dividend to its stockholders each year on September $15.$ Bowden reported net income of

$$380,000$ in $2020$ and $$340,000$ in $2021.$ Each income figure was earned evenly throughout its respective years.

On July $1,2021,$ Fisher sold $10$ percent $(21,500$ shares$)$ of Bowden's outstanding shares for $$338,000$ in cash. Although it sold this

interest, Fisher maintained the ability to significantly influence Bowden's decision$-$making process.

Prepare the journal entries for Fisher for the years of $2020$ and $2021.($If no entry is required for a transaction$/$event$,$ select $"$No

journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest

whole dollar.$)$

Journal entry worksheet

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$10$

Record the accrual of income for $2020.$