#5

Gant Company purchased 20 percent of the outstanding shares of Temp Company for $78,000 on January 1,206. The following results are reported for Temp Company: Required: Determine the amounts reported by Gant as income from its Investment in Temp for each year and the balance in Gant's investment I Temp at the end of each year assuming that Gant uses the following options in accounting for its investment in Temp: a. Carrles the Investment at fair value. b. Uses the equity method. Complete this question by entering your answers in the tabs below. Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant's investment in Temp at the end of each year assuming that Gant uses the fair value option in accounting for its investment in Temp. Gant Company purchased 20 percent of the outstanding shares of Temp Company for $78,000 on January 1, 20X6. The following results are reported for Temp Company: Requlred: Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant's investment in Temp at the end of each year assuming that Gant uses the following options in accounting for its investment in Temp: a. Carrles the investment at fair value. b. Uses the equity method. Complete this question by entering your answers in the tabs below. Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant's investment in Temp at the end of each year assuming that Gant uses the equity method in accounting for its investment in Temp