2. Prepare the entries to record the transactions described above. 3. Show how the investments would be reported on Monkey's December 31, 2020, balance sheet. Exercise 15-7 Share investment transactions; equity method LO4 CHECK FIGURE: Dec. 31, 2021: Loss = $8,360 The following events are for Toronto Investment Inc.: 2020 Jan. 14 Purchased 18,000 shares of Quatro Inc, common shares for $156,900. Quatro has 90,000 common shares outstanding and has acknowledged the fact that its policies will be significantly influenced by Toronto. Quatro declared and paid a cash dividend of $2.60 per share. Quatro announced that profit for the year amounted to $650,000. Oct. 1 Dec. 31 2021 April 1 Dec. 31 31 Quatro declared and paid a cash dividend of $2.70 per share. Quatro announced that profit for the year amounted to $733,100. Toronto sold 6,000 shares of Quatro for $104,320. Required Prepare general journal entries to record each transaction. Round per share calculation decimal places. 016 2. Prepare the entries to record the transactions described above. 3. Show how the investments would be reported on Monkey's December 31, 2020, balance sheet. Exercise 15-7 Share investment transactions; equity method LO4 CHECK FIGURE: Dec. 31, 2021: Loss = $8,360 The following events are for Toronto Investment Inc.: 2020 Jan. 14 Purchased 18,000 shares of Quatro Inc, common shares for $156,900. Quatro has 90,000 common shares outstanding and has acknowledged the fact that its policies will be significantly influenced by Toronto. Quatro declared and paid a cash dividend of $2.60 per share. Quatro announced that profit for the year amounted to $650,000. Oct. 1 Dec. 31 2021 April 1 Dec. 31 31 Quatro declared and paid a cash dividend of $2.70 per share. Quatro announced that profit for the year amounted to $733,100. Toronto sold 6,000 shares of Quatro for $104,320. Required Prepare general journal entries to record each transaction. Round per share calculation decimal places. 016