On January 1, 2017, Fisher Corporation purchased 40 percent (90,000 shares) of the common stock of Bowden, Inc. for $980,000 in cash and began to use the equity method for the investment. The price paid represented a $48,000 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 $90,000 cash dividend to its stockholders each year on September 15. Bowden reported net income of $400,000 in 2017 and $348,000 in 2018. Each income figure was earned evenly throughout its respective year. On July 1, 2018, Fisher sold 10 percent (22,500 shares) of Bowden's outstanding shares for $338,000 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 2017 and 2018. (If no entry is required for a transaction/event, select "Na journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) General Journal Debit Credit No 1 Date 01/01/2017 2 09/15/2017 36,000 36,000 Dividend income Investment in Bowden Cash Dividend income 36,000 36.000 12/31/2017 Investment in Bowden 160,000 160,000 12/31/2017 07/01/2018 Investment in Bowden 69,600 69,600 07/01/2018 7 07/01/2018 09/15/2018 12/31/2018 12/31/2018 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted