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I.Bell Corp. paid $2,300,000 for 30% interest in Grand Corp. voting stock on January 1, 2021. At that date the balance sheet figures for Grand
I.Bell Corp. paid $2,300,000 for 30% interest in Grand Corp. voting stock on January 1, 2021. At that date the balance sheet figures for Grand Corp. were: (In thousands) Grand Corp. paid dividends of $800,000 during 2021 and reported net income of $1,330,000 for 2021 : Instructions: 1.Prepare a schedule to allocate the investment fair values/book value differentials. 2.Prepare all journal entries on the books of Bell Corp. related to the investment for 2021. 3. Calculate the balance of Investment in Grand Corp. account at December 31, 2021. 4. Calculate Bell's income from Grand at Dec 31, 2021. 5. Determine the amount of Bell's share of Grand's recorded net assets at December 31, 2021
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