Kent Company purchased 35 percent ownership of Lomm Company on January 1, 20X8, for $140,000. Lomm...

 

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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. 30 Required A Required B Required: in Lomm in 20X8 assuming it uses the equity method. a. Give all journal entries recorded by Kent with respect to its investment b. Give all journal entries recorded by Kent with respect to its investment in Lomm in 20X8 assuming it carries the securities at fair value method. ATAT CA TOTOO A Record the purchase of Lomm Company stock. Hanntmar Complete this question by entering your answers in the tabs below. B Record the dividends from Lomm Company. C Record the increase in value of Lomm stock. Inglat S Give all journal entries recorded by Kent with respect to its investment in Lomm in 20X8 assuming it carries the securities at fair value method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Commons 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. 30 Required A Required B Required: in Lomm in 20X8 assuming it uses the equity method. a. Give all journal entries recorded by Kent with respect to its investment b. Give all journal entries recorded by Kent with respect to its investment in Lomm in 20X8 assuming it carries the securities at fair value method. ATAT CA TOTOO A Record the purchase of Lomm Company stock. Hanntmar Complete this question by entering your answers in the tabs below. B Record the dividends from Lomm Company. C Record the increase in value of Lomm stock. Inglat S Give all journal entries recorded by Kent with respect to its investment in Lomm in 20X8 assuming it carries the securities at fair value method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Commons