5 Part 2 of 2 0.03 Required information [The following information applies to the questions displayed below] As a long-term investment, Fair Company purchased 20% of Midlin Company's 300,000 shares for $360,000 at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $135,000 and distributed cash dividends of $0.25 per share. At year-end, the fair value of the shares is $375,000 2. Assume significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjusting entry 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.) P Mc Journal entry worksheet < Record the purchase of the investment. toote Ent debits befire credits Transaction General Journal D Cred Check my work LO 5 Part 22 0.83 Required information (The following information applies to the questions displayed below) As a long-term investment, Fair Company purchased 20% of Midlin Company's 300,000 shares for $360,000 at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $135,000 and distributed cash dividends of $0.25 per share. At year-end, the fair value of the shares is $375,000 2. Assume significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjusting entry for the investment's fair value, if appropriate of no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Me Graw Journal entry worksheet Rected the share of net income refore creat 2 Oal Journal De Cre < Prev Next > Check my work 5 Part 2 of 2 0.83 Required information [The following information applies to the questions displayed below) As a long-term investment, Fair Company purchased 20% of Midlin Company's 300,000 shares for $360,000 at the beginning of the reporting year of both companies. During the year, Midlin eamed net income of $135,000 and distributed cash dividends of $0.25 per share. At year-end, the fair value of the shares is $375,000 2. Assume significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjusting entry for the investment's fair value, if appropriate. Of no entry is required for a particular transection/event, select "No Journal Entry Required" in the first account field.) Mc Graw Journal entry worksheet Record the receipt of cash dividends. Transaction 3 General Journe Debit Crede Check my work Help Save & Exit Submit Check my work 5 Pan 22 083 Required information [The following information applies to the questions displayed below) As a long-term investment, Fair Company purchased 20% of Midlin Company's 300,000 shares for $360,000 at the beginning of the reporting year of both companies. During the year, Midin earned net income of $135,000 and distributed cash dividends of $0.25 per share. At year-end, the fair value of the shares is $375,000. 2. Assume significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjusting entry for the investment's fair value, if appropriate, of no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 01 MC Graw Journal entry worksheet < 1 Record any necessary fair value adjusting entry Enter dett Transaction General Journal D Cre > < Prev 56 Next >