Problem 1-17 (LO 1-3,1-6) On January 1, 2018, Alamar Corporation acquired a 36 percent interest in Burks, Inc, for $198,000. On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $353,000. During 2018, Burks reported net income of $84,000 and declared and paid cash dividends of $24,000. Alamar sold i merchandise in its operations during 2018. Prepare all of Alamar'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.) costing $27,000 to Burks during 2018 for $35,000. Burks used all of this Print Journal entry worksheet Record the acquisition of a 36 percent interest in Burks. Prev 1of 31 Next >