Required information [The following information applies to the questions displayed below.) On July 12, 2018, Rossow Corporation purchased 800 shares of Reimer Company for $28,000. The following information applies to the fair value of Reimer Company: 12/31/2018 12/31/2019 12/31/2020 Per Share $42 37 29 Reimer Company declares and pays cash dividends of $2 per share on May 1 of each year. 2. Prepare journal entries to record the facts in the case, assuming Rossow owns 35 percent of Reimer's stock. Reimer reported $30,000 of net income each year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 5 6 7 8 9 Record the purchase of 800 shares (35%) of Reimer Company for $28,000 The company will record the investment under the equity method of accounting Note: Enter debits before credits View transaction list X: 1 Record the purchase of 800 shares (35%) of Reimer Company for $28,000. The company will record the investment under the equity method of accounting. 2 Record the entry to recognize earnings from Rossow's investment in Reimer. Reimer reported net income of $30,000 in 2018. Record the valuation adjustment, if required, assuming the fair value of Reimer Company's stock on December 31, 2018 is $42 per share. 4 Record the receipt of cash dividends on May 1, 2019 of $2 per share. Den the antitan-ni-einen fuam nonnule Note : journal entry has been entered View transaction list X: 5 Record the entry to recognize earnings from Rossow's investment in Reimer. Reimer reported net income of $30,000 in 2019. Record the valuation adjustment, if required, assuming the fair value of Reimer Company's stock on December 31, 2019 is $37 per share. 7 Record the receipt of cash dividends on May 1, 2020 of $2 per share. 8 Record the entry to recognize earnings from Rossow's investment in Reimer. Reimer reported net income of $30,000 in 2020. Note : = journal entry has been entered Record entry Clear entry Vie Record the valuation adjustment, if required, assuming the fair value of Reimer Company's stock on December 31, 2020 is $29 per share. Note : journal entry has been entered