Problem $1-31($Algo$)($LO $1-2,1-3,1-4,1-5,1-6$d$)$

On January $1,2020,$ 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.

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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 $2020$ and $$348,000$ in $2021.$ Each income figure was earned evenly throughout its respective years.

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On July $1,2021,$ Fisher sold$10$ percent $(22,500$ shares$)$ of Bowden's outstanding shares for $$338,000$ in cash. Although it sold this interest, Fisher maintained the ability to significantly influence Bowden's decision$-$making process.$$

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Prepare the journal entries for Fisher for the years of $2020$ and $2021.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.$)$