Agee Corporation acquired a 40% interest in Trent Company on January 1, 2018, for $700,000.

At that time, Trent had 100,000 shares of its $1 par common stock issued and outstanding. During

2018, Trent paid cash dividends of $240,000. Trent's net income for 2018 was $500,000.

The market price of Trent Company stock on 12/31/18 is $25 per share.

Assume that in the case above, Agee Corporation acquired 15% interest on Jan 1, 2018 for

$700,000 and all other information remain the same.

e. Record the journal entry for receipt of cash dividends?

f. Record the journal entry on 12/31/18 for adjusting the fair value of the investment?

g. What is the balance in Agees equity investment (net) reported at the end of 2018?