On January 1, 2018, Alamar Corporation acquired a 41 percent interest in Burks, Inc., for $233,000. On that date, Burk's balance sheet disclosed net assets with both a fair and book value of $320,000. During 2018, Burks reported net income of $82,000 and declared and paid cash dividends of $28,000. Alamar sold inventory costing $25,000 to Burks during 2018 for $35,000. Burks used all of this merchandise in its operations during 2018. Prepare all of Lamar's 2018 journal entries to apply the equity method to this investment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Need with an adjusting journal entrycmc records depreciation and amortization expense annually. they do not use an accumulated amortization account. (i.e. amortization expense is recorded with a debit to amort. exp and a credit to the patent.) annual depreciation rates are 7% for buildings/equipment/furniture, no salvage. (round to the nearest whole dollar.) annual amortization rates are 10% of original cost, straight-line method, no salvage. cmc owns two patents: patent #fj101 and patent #cq510. patent #cq510 was acquired on october 1, 2016. patent #fj101 was acquired on april 1, 2018 for $119,000. the last time depreciation & amortization were recorded was december 31, 2017.before adjustment: land: 348791equpment and furniture: 332989building: 876418patents 217000