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Corporation were trading at $20 per share. a. Record Allen's entries...

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Accounting

Corporation were trading at $20 per share.
a. Record Allen's entries on (1) July 1,(2) December 30, and (3) December 31, assuming that Allen Corporation had significant influence over Towne Corporation.
Note: If a journal entry isn't required on any of the dates shown, select "N/Adebit" and "N/Acredit" as the account names and leave the Dr. and Cr. answers blank (zero).
b. Indicate the effects of this investment on Allen's income statement and its year-end balance sheet (ignoring any effects on cash).
Note: Indicate a loss with a negative sign.
Income Statement, for year ended Dec. 31
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