Equity Investments, Readily Determinable Fair Value. Turner Tires, Inc. acquired 40,000 shares of Fenwick Corporation stock at a price of $35 per share during 2016. This investment does not allow...

Equity Investments, Readily Determinable Fair Value. Turner Tires, Inc. acquired 40,000 shares of Fenwick Corporation stock at a price of $35 per share during 2016. This investment does not allow Turner to participate in the decision making of Fenwick, and the company therefore does not have the ability to exert significant influence over the investee company. The market value of the shares at December 31, 2016, is $41 per share. Prepare the journal entries required on the date of acquisition and at the end of the year