Kent Company purchased 35 percent ownershlp of Lomm Company on January 1, 20X8, for $140,000. Lomm reported 208 net Income of $80,000 and pald dividends of $20,000. At December 31, 20X8, Kent determined the falr value of Its Investment in Lomm to be $174,000. Required: a. Glve all Journal entrles recorded by Kent with respect to Its Irvestment In Lomm In 20X8 assuming it uses the equity method. b. Glve all Journal entrles recorded by Kent with respect to Its Investment in Lomm in 20X8 assuming it carrles the securitles at falr value method. Complete this question by entering your answers in the tabs below. Give all journal entries recorded by Kent with respect to its investment in Lomm in 208 assuming it uses the equity method. Note: If no entry is required for a transaction/event, select "No jolmal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits