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dominated the market, at one time achieving a 70% market penetration. During prosperous year coupled with a conservative dividend policy, resulted in funds available for outside investment. Over the years, Splish has had a policy of investing idle cash in equity securities. In particular, Splish has made periodic investments in the company's principal supplier, Norton Industries. Although the firm currently owns 12% of the outstanding common stock of Norton Industries, Splish does not have significant influence over the operations of Norton Industries. Cheryl Thomas has recently joined Splish as assistant controller, and her first assignment is to prepare the 2020 year-end adjusting entries for the accounts that are valued by the "fair value rule for financial reporting purposes. Thomas has gathered the following information about Splish' pertinent accounts. 1. Splish has equity securities related to Delaney Motors and Patrick Electric During 2020, Splish purchased 105,000 shares of Delaney Motors for $1,395,000; these shares currently have a fair value of $1,601,000. Splish'investment in Patrick Electric has not been profitable the company acquired 45,000 shares of Patrick in April 2020 at $21 per share, a purchase that currently has a value of $733,000. Prior to 2020, Splish invested $22,345.000 in Norton Industries and has not changed its holdings this year. This investment in Norton Industries was valued at $21.478,000 on December 31, 2019. Splish 12% ownership of Norton Industries has a current fair value of $22,020,000 on December 2020. 2. Prepare the appropriate adjusting entries for Splish as of December 31, 2020, to reflect the application of the "fair value" rule for the securities described above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit repare the appropriate adjusting entries for Splish as of December 31, 2020, to reflect the application of the ble for the securities described above. (Credit account titles are automatically indented when amount is entered. ndent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Equity Investments D Prepare the entries for the Norton investment, assuming that Splish owns 25% of Norton's shares. Norton reporte income of $512,000 in 2020 and paid cash dividends of $108,000. (Credit account titles are automatically indented w amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit (1)