On January 1, 2020, Fisher Corporation purchased 40 percent (76,000 shares) of the common stock of Bowden, Inc., for $976,000 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 $96,000 cash dividend to its stockholders each year on September 15. Bowden reported net income of $394,000 in 2020 and $358,000 in 2021. Each income figure was earned evenly throughout its respective years. On July 1, 2021, Fisher sold 10 percent (19,000 shares) of Bowden's outstanding shares for $328,000 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.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 > Record the acquisition of Bowden's shares. Note: Enter debits before credits Date 01/01/2020 General Journal Debit Credit