Now assume that Studios purchased 175,000 of the 500,000 outstanding shares of Jet Media. Studios accounts for the investment using the EQUITY method.

Fill in the shaded blanks on the partial financial statements below to show how Studios investment is reflected in Studios 2020-2022 financial statements. Again, it will likely help you to write out the journal entries/t-accounts when thinking about how the transactions affect the financial statements, but journal entries are not required.

• On April 4, 2020, Studios purchased 175,000 shares of Jet Media common stock for $60 per share.
• During 2020, Jet Medias net income was $1,000,000, and the company declared and paid a $1.00 per share cash dividend.
• On December 31, 2020, Jet Media stock was trading at $64 per share.
• During 2021, Jet Medias net income was $1,500,000, and the company declared and paid a $1.40 per share cash dividend.
• On December 31, 2021, Jet Media stock was trading at $58 per share.
• On October 19, 2022, Studios sold its entire investment in Jet Media for $66 per share.

Studios Balance Sheets (Partial)
		As of December 31, 2022		As of December 31, 2021		As of December 31, 2020
Investments (Equity Method)

Studios Income Statements (Partial)
		Year ended December 31, 2022		Year ended December 31, 2021		Year ended December 31, 2020
Investment Income/(Loss), net**

**Note that Studios Investment Income/(Loss), net account incorporates all revenues/expenses related to its investment in Jet Media Inc. (for Equity Method investments, this includes equity in investee earnings/losses and gains/losses on sale).