Assessing Financial Statement Effects of Passive and Equity Method Investments On January 1, Ball Corporation purchased shares of Leftwich Company common stock. (a) Assume that the stock acquired by Ball represents 15% of Leftwich's voting stock and that Ball has no influence over Leftwich's business decisions. Use the financial statement effects template (with amounts and accounts) to record the following transactions: (1) Ball purchased 10,000 common shares of Leftwich at $15 cash per share. (2) Leftwich reported annual net income of $40,000. (3) Ball received a cash dividend of $1.20 per common share from Leftwich. (4) Year-end market price of Leftwich common stock is $19 per share. Use negative signs with your answers, when appropriate. Balance Sheet Income Statement Contributed Capital Noncash Assets 150,000 Earned Capital Net Income Transaction = Liabilities + + Revenue - Expenses Cash Asset + (150,000) = (1) (2) 0 12,000 12,000 40,000 12,000 40,000 12,000 40,000 0 40,000