On January 1, 2011, Plano Company acquired 8 percent (18,400 shares) of the outstanding voting shares of the Sumter Company for $312,800, an amount equal to Sumters underlying book and fair value. Sumter pays a cash dividend to its stockholders each year of $115,000 on September 15. Sumter reported net income of $369,000 in 2011, $443,800 in 2012, $502,600 in 2013, and $473,200 in 2014. Each income figure can be assumed to have been earned evenly throughout its respective year. In addition, the fair value of these 18,400 shares was indeterminate, and therefore the investment account remained at cost. On January 1, 2013, Plano purchased an additional 32 percent (73,600 shares) of Sumter for $1,477,750 in cash and began to use the equity method. This price represented a $59,400 payment in excess of the book value of Sumters underlying net assets. Plano was willing to make this extra payment because of a recently developed patent held by Sumter with a 15-year remaining life. All other assets were considered appropriately valued on Sumters books. On July 1, 2014, Plano sold 10 percent (23,000 shares) of Sumters outstanding shares for $621,000 in cash. Although it sold this interest, Plano maintained the ability to significantly influence Sumters decision-making process. Assume that Plano uses a weighted average costing system. Prepare the journal entries for Plano for the years of 2011 through 2014. (Round your answers to the nearest dollar amount.) Date General journal Debit Credit 1/1/11 To record cost of shares. 9/15/11 To record annual dividend. 9/15/12 To record annual dividend. 1/1/13 To record cost of additional shares. 1/1/13 To record retrospective adjustment. 9/15/13 To record annual dividend. 12/31/13 To record accrued income. 12/31/13 To record amortization of patent. 7/1/14 To record accrued income. 7/1/14 To record amortization of patent. 7/1/14 To record sale of shares. 9/15/14 To record annual dividend. 12/31/14 To record income. 12/31/14 To record amortization of patent. ________________________________________