(b) Assume that the stock acquired by Ball represents 30% of Leftwich's voting stock and that Ball accounts for this investment using the equity method since it is able to exert significant influence. Use the nancial 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 answers, when appropriate. Income Statement Balance Sheet Noncash Contributed Earned Transaction Cash Asset + Assets = Liabilities + Capital + Capital Revenue Expenses (1) 150,000 0' l o, (2) 12,000 0 l l 120,000 (3) (12,000) 0 0' l o (4) 7 7 12,000 7 0 7 7 0' l 0