Turner Company purchased 40% of the outstanding stock of ICA Company for $11, 200,000 on January 2, 2016. Turner elects the fair value option to account for the investment. During 2016, ICA earns $870,000 of income and on December 30 pays a dividend of $620,000. On December 31, 2016, the fair value of Turner's investment has increased to $13, 900,000. Prepare the journal entries in the books of Turner to account for this investment during 2016. Assume Turner will account for the investment for a trading security. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)