Kent Company purchased 35 percent ownership of Lomm Company on January 1, 20X8, for $140,000. Lomm reported
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Question:
Kent Company purchased 35 percent ownership of Lomm Company on January 1, 20X8, for $140,000. Lomm reported 20X8 net income of $80,000 and paid dividends of $20,000. At December 31, 20X8, Kent determined the fair value of its investment in Lomm to be $174,000.RequiredGive all journal entries recorded by Kent with respect to its investment in Lomm in 20X8 assuming it usesa. The equity method. b. The fair value method.
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how does that happen,where u steel points
engaging in financial planning?
just took my test
the answerr would be 1
Ican’t you with this question
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