12 Required information The following information applies to the questions displayed below. Part 1 of 2 As a long-term investment, Fair Company purchased 15% of Midlin Company's 190,000 shares for $228,000 at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $124,000 and distributed cash dividends of $0.20 per share. At year-end, the fair value of the shores is $237.500. 6 points Required: 1. Assume no significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjustment for the investment's fair value, if appropriate. (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) eBook References View transactions Journal entry worksheet 1 2 4 > Record the share of net income. Note: Enter Obits before credits General Journal Credit Transaction 2 Debit 6,700 Investments Investments 28,500 ME GE CA Dry 31 Mat 12 Required: 1. Assume no significant influence was acquired. Record the transactions from the purchase through the end o adjustment for the investment's fair value, if appropriate. (If no entry is required for a particular transaction/eu Entry Required" in the first account field.) Part 1 of 2 View transaction list 6 points Journal entry worksheet 3 4 eBook Record the receipt of cash dividends. References Note: Enter debits before credits Transaction 3 General Journal Credit Debit 9,500 Record entry Clear entry View transaction list 6 points Journal entry worksheet eBook Record adjusting entry of investments to fair value. References Note: Enter debits before credits Transaction General Journal Debit Credit 4 Record entry Clear entry View general Journal 1