On January $1,202$ Blossom Corp. bought $28,000$ shares of the available $100,000$ common shares of Iceberg Inc. a publicly traded

firm. This acquisition provided Blossom with significant influence. Blossom paid $$690,000$ cash for the investment At the time of the

acquisition Iceberg reported assets of $$2\mathrm{.}490\mathrm{.}000$ and liabilities of $$1,190,000.$ Asset values reflected air market value. except for

$$capital assets that had a net book value of $$490,000$ and a fair market value of $$720\mathrm{.}00.$ These assets had a remaining useful life of

five years. For $2022$ Iceberg reported net income of $$390,000$ and pad total cash dividends of $$100,000.$

$($OnMay $16,2023,$ Blossom sid $14000$ ts shares inceberg for $$425,000$ Blossom has no immediate plans toll ts remaining

investment in lesberg.

Icebergs actively traded, and stock price information follows: $|$

Janvary$1202$ $$20|$

December$31,2022$ $$22$

@

Assuming Blossom is using the equity method under ASPE, did the inital investment include a payment for goodwil? $|$

Payment forgoodwill $Atthe end of $2022,$ what would appear on the income statement and balance sheet of Blossom in connection with ts investment. $|$

inlceberg?

Investment income on income statement $$

Investment account on balance sheet BProvide the entry to account for Blossoms sale of the shares in May $2023.($Credit account titles are automatically indented when the

$$amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account ites and enter Ofor the amounts. List

debit entry before credit entry$)$

Account Titles Debit, Credit

How should Blossom account for its remaining investment in Iceberg?

Under ASPE, Blossom can choose the ~ $|$ forits remaining.

investment in Iceberg.