On January 3, 2021, Ayayai Inc. obtained significant influence over the operations of Ing Ltd. by buying 25% of Ings 20,000 outstanding common shares, at a cost of $8.00 per share. The following events took place in 2021.

June 15		Ing declared and paid a cash dividend of $20,000.
December 31		Ing reported net income of $99,000 for the year.

The fair value of the Ing shares at December 31, 2021 was $9.50 per share.

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View Policies Current Attempt in Progress On January 3, 2021, Ayayai Inc. obtained significant influence over the operations of Ing Ltd. by buying 25% of Ing's 20,000 outstanding common shares, at a cost of $8.00 per share. The following events took place in 2021. June 15 Ing declared and paid a cash dividend of $20,000, December 31 Ing reported net income of $99,000 for the year. The fair value of the Ing shares at December 31, 2021 was $9.50 per share. Prepare the journal entries for Ayayai Inc. for the fiscal year ended December 31, 2021. (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 titles and entero for the amounts.) Date Account Titles and Explanation Debit Credit V Assume now that the investment in Ing's shares does not allow Ayayai Inc. to exercise significant influence over Ing; however, Ayayai does intend to hold it as a long-term strategic investment. Prepare the journal entries for Ayayai Inc. for the fiscal year ended December 31, 2021 assuming Ayayai management has designated the investment in Ing Ltd. as fair value through other comprehensive income. (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 titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Save for Later Attempts: 0 of 1 used Submit