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Can you show how it's worked it? The beginning balance sheet of Text Source Co included an $860,000 investment in Ethan stock (35% ownership Text
Can you show how it's worked it? The beginning balance sheet of Text Source Co included an $860,000 investment in Ethan stock (35% ownership Text has significant influence over Ethan). During the year, Text Source completed the following investment transactions: Click the icon to view the transactions.) Read the requirements Dec 31: Lime's common stock fair value at year-end was $10 per share. Date Accounts and Explanation Dec 31 Debit Credit Requirement 2. Post transactions to T accounts to determine the December 31, 2018, balances related to the investment and investment income accounts. Select the missing investment account.) Equity Investments Ethan Revenue from Investments More Info Equity in Mar. 3 May Dec Purchased 8 000 shares at $7 per share of Lime Software common stock as a long-term equity investment, representing 3% ownership, no significant influence Received a cash dividend of $0.42 per share on the Lime investment. Received a cash dividend of $60.000 from Ethan investment. Received Ethan's annual report showing $100.000 of net income Received Lime's annual report showing 5700,000 of net income for the year Ethan's stock fair value at year-end was $835,000 Lime's common stock fair value at year-end was $10 per share 15 15 31 31 31 31 Fair Value Adjustmen Requirement 3. Prepare Te sheet, leave the box empty Print Done used in the partial balance Text Source, Co. Balance Sheet (Partial) December 31, 2018 Assets Current Assets Long-term Assets Stockholders' Equity Accumulated Omer Comprehensive Income: Requirement 4. Where is the unrealized holding gain or loss associated with the Lime stock reported? The unrealized holding gain or loss associated with the Lill stock is included on the income statement in the
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