P2-18 Retroactive Recognition Idle Corporation has been acquiring shares of Fast Track Enterprises at book value for the last several years. Fast Track provided data including the following: 20X2 Net Income $40,000 Dividends 20,000 20X3 $60,000 20,000 20X4 20X5 $40,000 $50,000 10,000 20,000 Chapter 2 Reporting Intercorporate Investments and Consolidation of Wholly Owned Subsidiaries with No Differential Fast Track declares and pays its annual dividend on November 15 each year. Its net book value on January 1, 20X2, was $250,000. Idle purchased shares of Fast Track on three occasions: Percent of Ownership Date January 1, 20X2 Purchased 10% July 1, 20X3 5 January 1, 20X5 10 Amount Paid $25,000 15,000 34,000 Required Give the journal entries to be recorded on Idle's books in 20X5 related to its investment in Fast Track.