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$/$A$$debit$"$ and $"$N$/$A$$credit$"$ 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. $31$