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Lucky Corporation acquired 40% of Sure Thing Inc.'s common shares on January 1, 2020, by...

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Lucky Corporation acquired 40% of Sure Thing Inc.'s common shares on January 1, 2020, by paying $200,000 for 100,000 shares. SureThing paid a $0.20-per-share cash dividend which Lucky received on June 30. SureThing reported profit of $70,000 for the year. At December 31, the market price of the Sure Thing shares was $4 per share. Required (parts a, b, c & d): Prepare the appropriate journal entrie(s) for Lucky Corporation for 2020, assuming they account for their investment in SureThing using the equity method. Round all values to the nearest dollar. If no entry is required for a particular date please state "no entry". No journal entry descriptions are required. a) The acquisition of SureThing Inc. on January 1, 2020. b) The $0.20-per-share cash dividend received on June 30th, 2020. c) Any entry for the reported profit of $70,000 for the year. d) Any entry for a fair value adjustment ($4 per share) on December 31st, 2020, the company's year-end

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