Recording Entries for Equity investment Equity Method, Partial Year and the fair value of the net assets of Towne Corporaton were equal. During the year, Towne Corporation reported net income ot s14,400. Towne Corporation declared and pad cash dividends of $4.800 on December 30 to shareholders on recard. As of December 31, common stures of Towse Corporation were trading at $20 per share. 2. Record Allem entries on (1) July 1, (2) December 30, and (3) December 31, assuming that Nien Corporation had sigrificart influence over Towne Corporation. - Note: if a journsl entry isnt required on any of the dates shown, select "N/A-debit" and "N/A-credin" as the account inames and leave the Dr. and Cr: answers blank (7rero). b. indicate the effects of this investment on Alens incone statement and its yeatiend Lalance sheet ognoring ary effects an casty. - Note: Indicate a loss whe a negative ser