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hi... please check that are journal entries correct??

b please choose the correct mcq

On January 1, Kennel Corporation, a publicly traded company, purchased 20% of Hook Ltd. common shares for $750,000. At December 26, Hook declared a $40,000 dividend (Kennel received its share of that dividend on the same day) and reported net income of $77,000. The shares' fair value at December 31 was $786,000. (a) Record each of these transactions, assuming Kennel has significant influence over Hook and is using the equity method to account for this investment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Trading Investments 750000 Cash 750000 Dec. 26 + Cash 8000 Trading Investments 8000 (To record dividends received) Dec. 26 Trading Investments 15400 Income from Associates 15400 On September 1, Manmouth Kingbird Ltd. signed a 8%, 5-month bank loan payable for $11700. The amount of interest to be accrued at December 31, assuming adjusting entries have not been previously made, is $312. $12636, $936. $390

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