On January 1, 2020, Fisher Corporation purchased 40 percent (72,000 shares) of the common stock of Bowden, Inc., for $984,000 in cash and began to use the equity method for the investment. The price paid represented a $54,000 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 $98,000 cash dividend to its stockholders each year on September 15. Bowden reported net income of $410,000 in 2020 and $360,000 in 2021. Each income figure was earned evenly throughout its respective years.

On July 1, 2021, Fisher sold 10 percent (18,000 shares) of Bowden's outstanding shares for $326,000 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.)

Note:-I want explanation how we get the numbers

whole dollar.) No Date General Journal Debit Credit 1 01/01/2020 Investment in Bowden 984,000 Cash 984,000 2 09/15/2020 39,200 Cash Investment in Bowden 39,200 3 12/31/2020 Investment in Bowden 164,000 Equity in investee income 164,000 4 12/31/2020 3,600 Equity in investee income Investment in Bowden 3,600 5 07/01/2021 72,000 Investment in Bowden Equity in investee income 72,000 6 07/01/2021 1,800 Equity in investee income Investment in Bowden 1,800 7 07/01/2021 Cash 326,000 Investment in Bowden Gain on sale of investment 293,850 32,150 8 09/15/2021 Cash 29,400 Investment in Bowden 29,400