Question
Accounting for Investments Using the Equity Method Maplewood Inc., completed the following four transactions in the current year for its investments accounted for using
Accounting for Investments Using the Equity Method Maplewood Inc., completed the following four transactions in the current year for its investments accounted for using the equity method. 1. Purchased 10,000 shares of Hribar common stock at $10 cash per share. These shares reflect 30% ownership of Hribar. 2. Received a $2 per share cash dividend on Hribar common stock. 3. Made an adjustment to reflect $200,000 income reported by Hribar. 4. Sold all 10,000 shares of Hribar common stock for $180,000. Required Show the effects (amount and account) relating to the four transactions in the financial statement effects template. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Income Statement Cash Transaction Asset Noncash Assets Contrib. Earned = Liabilities + Capital + Capital Revenues Expenses (1) Purchased Hribar shares 0 0 0 0 0 0 = N/A N/A (2) Received cash dividend 0 0 0 0 0 0 = N/A N/A (3) Made an adjustment to reflect 0 0 0 0 0 0 income reported by Hribar. (4) Sold all Hribar shares 0 0 = N/A N/A 0 0 0 0 = N/A N/A Please answer all parts of the question. | elating to the Cash Ce the approp category by ir Investments nce Sheet Cash Asset 0 me Retained earnings Investment income Gain on sale y ac nt. + C 0 Loss on sale 0 Unrealized gain 0 N/A
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