Instructions On January 1, 2019, Field Company acquired 40% of North Company by purchasing 8,000 shares for $144,000 and obtained significant influence. On the date of acquisition, Field calculated that its share of the excess of the fair value over the book value of North's depreciable assets was $15,000 and that the purchased goodwill was $12.000. At the end of 2019, North reported net income of $50,000 and paid dividends of $0.60 per share. Field depreciates its depreciable assets over a 12-year remaining life. Required: 1. Prepare all the journal entries of Field to record the preceding information for 2019 2. Next Level What is the conceptual justification for the use of the equity method? 1. Prepare all the journal entries of Field to record the 2019 transactions. General Journal Instructions GENERAL JOURNAL DATE ACCOUNT TITLE 1 POST REF DEBIT 2. What is the conceptual justification for the use of the equity method? The conceptual justification for the use of the equity method is: O it closely fits the requirements of accrual accounting by reporting the investor's share in investee income in the period in which it is earned rather than as cash is received. It recognizes that a material relationship exists between the investor and the investee. O All of the choices are correct. O It recognizes that fair value is not an appropriate valuation method for the investment because the investor could influence the amount of income it recognizes.