BridgeportCorp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market,...

1.Bridgeport has equity securities related to Delaney Motors and Patrick Electric. During 2017, Bridgeport purchased 93,000 shares of Delaney Motors for $1,495,000; these shares currently have a fair value of $1,620,000. Bridgeport' investment in Patrick Electric has not been profitable; the company acquired 45,000 shares of Patrick in April 2017 at $20 per share, a purchase that currently has a value of $689,000.2.Prior to 2017, Bridgeport invested $22,665,000 in Norton Industries and has not changed its holdings this year. This investment in Norton Industries was valued at $21,489,000 on December 31, 2016. Bridgeport' 12% ownership of Norton Industries has a current fair value of $22,291,000 on December 2017.

Prepare the appropriate adjusting entries for Bridgeport as of December 31, 2017, to reflect the application of the "fair value" rule for the securities described above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare the entries for the Norton investment, assuming that Bridgeport owns 25% of Norton's shares. Norton reported income of $508,000 in 2017 and paid cash dividends of $103,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)