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  3. brief exercise 16-03 blossom company owns 30% of l

Brief Exercise 16-03 Blossom Company owns 30% of Lauer Company. For the current year, Lauer...

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Accounting

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Brief Exercise 16-03 Blossom Company owns 30% of Lauer Company. For the current year, Lauer reports net income of $205,000 and declares and pays a $41,000 cash dividend. Record Blossom's equity in Lauer's net income and the receipt of dividends from Lauer (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record equity in Lauer's net income) Dec. 31 (To record dividends received)

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