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Her Company purchased 42,000 common shares (20%) of Him Inc. on January 1 , Year 4 , for $714,000. Additional information on Him for the
Her Company purchased 42,000 common shares (20%) of Him Inc. on January 1 , Year 4 , for $714,000. Additional information on Him for the three years ending December 31 , Year 6 , is as follows: On December 31, Year 6 , Her sold its investment in Him for $966,000. Required: (a) Compute the balance in the investment account at the end of Year 5 , assuming that the investment is classified as (Omit $ sign in your response.) (b) Calculate how much income will be reported in net income and other comprehensive income in each of Years 4,5 , and 6 , and in total for the three years assuming that the investment is classified as (Leave no cells blank - be certain to enter "0" wherever required. Omit $ sign in your response.)
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