P2-20 Fair Value Journal Entries Marlow Company acquired 40 percent of the voting shares of Brown Company on January 1, 20X8, for $85,000. The following results are reported for Brown Company: Date Percent of Ownership Purchased Amount Paid January 1, 20X2 10% $25,000 July 1, 20X3 5 15,000 January 1, 20X5 10 34,000 20X6 20X7 20X8 Net income $40,000 $35,000 $60,000 Dividends paid 15,000 30,000 20,000 Fair value of shares held by Gant: January 1 70,000 89,000 86,000 December 31 89,000 86,000 97,000 20X8 20X9 Net income $20,000 $30,000 Dividends paid 10,000 15,000 Fair value of shares held by Marlow: January 1 85,000 97,000 December 31 97,000 92,000 Required value Give all journal entries recorded by Marlow for 20X8 and 20X9 assuming that it uses the fair method in accounting for its investment in Brown