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On 1 January 20X5, Zan Company purchased 7,500 of the 30,000 outstanding common shares of Woo Computer Corp. (WC) for $175,000 cash Zan had significant influence as a result of the investment and will use the equity method to account for the Investment On 1 January 20x5, the statement of financial position of WC showed the following book values (summarized): Assets not subject to depreciation Assets subject to depreciation (net) Liabilities Common shares Retained earnings $ 218,900 175,000 58,200 261,900 72,700 *Fair value, $248,200; difference relates to land. **Fair value $204 300, estimated remaining life. 5 years Assume there is no impairment of goodwill. Additional subsequent data on WC are as follows: Earnings Cash dividends declared and paid Fair value per share 20x5 20X6 $ 58,200 $ 74,200 49,200 64,200 $ 46 ch Earnings Cash dividends declared and paid Fair value per share 20x5 2exo $ 58,200 $ 74,280 49,209 64,200 $ 23 $ 46 Required: 1-1. Provide the investor's entries or give the required information for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Entry at date of acquisition c. Entries at 31 December 20X5 to recognize investment revenue and dividends. d. Entries at 31 December 20X6 to recognize investment revenue and dividends. 1 Record acquisition of investment. Record the Investment revenue for 20X5. N Record the dividends received for 20X5. 4 Record the Investment revenue for 20x6. 5 Record the dividends received for 20X6. Cre. Note = journal entry has been entered 1-2 Indicate the amount of goodwill purchased. Goodwil purchased 2. Are any entries needed to recognize a writedown to fair value at the end of 2005 or 20x6? Yes O No 3. Reconstruct the investment account, showing the opening and closing balances and all changes in the account Investment Account (Equity Method) Aca 3. Reconstruct the investment account, showing the opening and closing balances and all changes in the account Investment Account (Equity Method) Bal 4.1. How much investment revenue would be reported each year if the cost method was used? 25 Investment revenue 20X5 20X6 4-2. What would be the balance in the investment account? Balance in the investment account