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structions Chart of Accounts Journal Final Question Instructions On January 4, Year 1, Ferguson Company purchased 192,400 shares of Silva Company directly from one of the founders for a price of $35 per share. Silva has 520,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Silva paid $683,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $1,007,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva Required: A. Provide the Ferguson Company journal entries for the transactions involving its investment in Silva Company during Year 1. Refer to the Chart of Accounts for exact wording of account titles. B. Determine the December 31, Year 1, balance of the investment in Silva Company stock account. Instructions Journal JOURNAL ACCOUNT DESCRIPTION POST. REF. DEBIT CREDIT DATE ASSETS LA ournal Final Question B. Determine the December 31, Year 1, balance of the investment in Silva Company stock account. Print Item Show Me How Calculator method for stock investment Journal Final Question zructions Chart of Accounts uctions art of Accounts General Ledger REVENUE ASSETS 410 Sales 110 Cash 111 Petty Cash 120 Accounts Receivable 121 Allowance for Doubtful Accounts 611 Interest Revenue 612 Dividend Revenue 621 Income of Silva Company 631 Gain on Sale of Investments 641 Unrealized Gain on Trading Investm 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies EXPENSES 511 Cost of Merchandise Sold 146 Store Supplies 151 Prepaid Insurance 512 Bad Debt Expense 161 Investment in Silva Company Stock 165 Valuation Allowance for Trading Investments 515 Credit Card Expense 516 Cash Short and Over Check My Work 3 more Check My Work uses remaining. Show Me How Calculator E Print Item Thod for stock investment tions Chart of Accounts Journal Final Question Accounts 56 Valuation Allowance for Available-for-Sale Investments 520 Salanes Expense 81 Land 91 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense 534 Selling Expenses 535 Rent Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 231 Interest Payable 241 Salaries Payable 251 Sales Tax Payable 536 Insurance Expense 537 Office Supplies Expense 538 Store Supplies Expense 561 Depreciation Expense-Store Equipment 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense 721 Loss of Silva Company 731 Loss on Sale of Investments EQUITY uity method for stock investment Instructions Chart of Accounts Journal Final Question Instructions Chart of Accounts EQUITY 721 Loss of Silva Company 731 Loss on Sale of Investme 741 Unrealized Loss on Tradin 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 350 Unrealized Gain (Loss) on Available-for-Sale Investments 351 Cash Dividends 352 Stock Dividends 390 Income Summary