On January 1, 2020 the Lowell Corporation paid $35 per share for 250,000 shares of the Christopher Corporation's common stock, and Christopher Corporation had 1,000,000 common shares outstanding. On December 31, 2020, the Christopher Corporation paid a $.10 per share cash dividend on its common stock. During the twelve months ended December 31, 2020, the Christopher Corporation reported net income of $1,200,000 earned fairly evenly throughout the year. On December 31, 2020, the market value per share of the Christopher Corporation's common stock was $37.

What method should Lowell use to account for this investment? Write the journal entries for Lowell to account for this investment.

On a piece of paper, draw T-accounts of investment in Christopher and Equity in Christopher Income.

Date	Item	Debits	Credits

show working notes please