Question: 91 20 points 92 93 PROBLEM 3 EQUITY METHOD 3 JOURNAL ENTRIES 94 95 1-Jan Lance Corp. purchased a 40% equity in Sloan Company

91 20 points 92 93 PROBLEM 3 EQUITY METHOD 3 JOURNAL ENTRIES

91 20 points 92 93 PROBLEM 3 EQUITY METHOD 3 JOURNAL ENTRIES 94 95 1-Jan Lance Corp. purchased a 40% equity in Sloan Company for $ 180,000 96 97 31-Dec 98 99 Sloan Company declared and paid a $20,000 cash dividend and reported net income of $80,000. Prepare the journal entries for January 1 and December 31 for Lance Corp. Show the Balance Sheet presentation of this investment at 12-31 100 a 101 b 102 103 104 Date Account Title 105 106 107 108 109 110 Sheet1 Sheet2 Sheet3 Debit Credit

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