On January 1, 2017, Fisher Corporation purchased 40 percent (70,000 shares) of the common stock of Bowden, Inc.

On January 1, 2017, Fisher Corporation purchased 40 percent (70,000 shares) of the common stock of Bowden, Inc. for $974,000 in cash and began to use the equity method for the investment. The price paid represented a $54,000 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 $96,000 cash dividend to its stockholders each year on September 15. Bowden reported net income of $388,000 in 2017 and $360,000 in 2018. Each income figure was earned evenly throughout its respective year.On July 1, 2018, Fisher sold 10 percent (17,500 shares) of Bowden’s outstanding shares for $322,000 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. 10 journal entries Can you show me each step so I can know how to do it in the future.1. Record cost of 70,000 shares of Bowden Company.1/1/172. Record the annual dividend declared and received from Bowden9/15/20173. Record accrue 2017 income based on 40% ownership of Bowden.12/31/174. Record amortization of $54,000 excess patent fair value [indicated in problem] over 15 years.12/31/175. Record the entry to accrue ½ year income of 40% ownership.7/01/186. Record ½ year amortization of patent to establish correct book value for investment as of 7/1/18.7/01/187.Record 17,500 shares of Bowden Company sold; investment basis computed below.7/01/188. Record the annual dividend declared and received from Bowden9/15/189. Record ½ year income based on remaining 30% ownership12/31/1810.Record ½ year of patent amortization.12/31/18