On January 1, 2017, Fisher Corporation purchased 40 percent (82,000 shares) of the common stock of Bowden, Inc. for $988,000 in cash and began to use the equity method for the investment. The price paid represented a $66,000 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 $96,000 cash dividend to its stockholders each year on September 15. Bowden reported net income of $396,000 in 2017 and $352,000 in 2018. Each income figure was earned evenly throughout its respective year.

On July 1, 2018, Fisher sold 10 percent (20,500 shares) of Bowden's outstanding shares for $332,000 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 2017 and 2018. (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.)

• Record cost of 82,000 shares of Bowden Company.

• Record the annual dividend declared and received from Bowden.
• Record accrue 2017 income based on 40% ownership of Bowden.
• Record amortization of $66,000 excess patent fair value [indicated in problem] over 15 years.
• Record the entry to accrue year income of 40% ownership.
• Record year amortization of patent to establish correct book value for investment as of 7/1/18.
• Record 20,500 shares of Bowden Company sold; investment basis computed below.
• Record annual dividend declared and received.
• Record year income based on remaining 30% ownership.
• Record year of patent amortization.