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Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Skysong
Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Skysong Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Sheridan Company. (Enter negative amounts using either a negative sign preceding the number e.g- -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.) 2. (a) During Year 1. Sheridan reported $61,000 of net income. (b) During Year 1 . Sheridan paid $28,500 of dividends. 3. (s) During Year 2. Sheridan reported $30,500 of net income. (b) During Year 2. Sheridan paid $19,500 of dividends: 4. (a) During Year 3. Sheridan reporteda net loss of $12,000. (b) During Year 3 . Sheridan paid $3,500 01 dividends. 5. Indicate the Year 3 ending balance in the Imvestment account. and cumulative totals for Years 1,2, and 3 for dividend revenue and irvestment revenue
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