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.

Answers

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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