Mitchell Corporation pays $6 million to ac-quire a 25 percent interest in Turner Corporation's stock on January l, 2014, and reports the investment using the equity method. Turner's net assets are fairly reported, except for $2 million of unreported intangibles (4-year life). During 2014, Turner reports net income of $900,000, which includes $25,000 in realized and unrealized gains on trading securities and $40,000 in realized gains on sales of AFS securities. Turner also reports $30,000 in unrealized losses on AFS securities and pays dividends of $240,000 in 2014.
Required
Prepare Mitchell's journal entries to record the above events for 2014.