Required Information [The following Information applies to the questions displayed below.] On July 12, 2018, Rossow Corporation purchased 1,500 shares of Reimer Company for $28,500. The following Information applies to the fair value of Relmer Company. Per Share $25 12/01/2018 12/31/2019 12/31/2020 16 Relmer 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 24 percent of Relmer's stock. Relmer reported $21,000 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 Record the purchase of 1,500 shares (24%) of Reimer Company for $28,500. The company will record the investment under the equity method of accounting. Note: Enter debits before credits. Date General Journal Debit Credit July 12, 2018 Record entry Clear entry View general journal Journal entry worksheet Record the entry to recognize earnings from Rossow's investment in Reimer. Reimer reported net income of $21,000 in 2018. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Journal entry worksheet Record the valuation adjustment, if required, assuming the fair value of Reimer Company's stock on December 31, 2018 is $25 per share. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2018 Journal entry worksheet Record the receipt of cash dividends on May 1, 2019 of $2 per share. Note: Enter debits before credits. Date General Journal Debit Credit May 01, 2019 Journal entry worksheet Record the entry to recognize earnings from Rossow's investment in Reimer. Reimer reported net income of $21,000 in 2019. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2019 Journal entry worksheet Record the valuation adjustment, if required, assuming the fair value of Reimer Company's stock on December 31, 2019 is $20 per share. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2019 Journal entry worksheet Record the receipt of cash dividends on May 1, 2020 of $2 per share. Note: Enter debits before credits. General Journal Debit Credit Date May 01, 2020 Journal entry worksheet