On

JanuaryJanuary

1,

20182018,

JoinerJoiner,

Inc. decides to invest in

13 comma 50013,500

shares of

PintoPinto

stock when the stock is selling for

$ 20$20

per share. On

JuneJune

1,

20182018,

PintoPinto

paid a

$ 1.20$1.20

per share cash dividend to stockholders. On December 31,

20182018,

PintoPinto

reports net income of

$ 70 comma 000$70,000

for

20182018.

Assume

PintoPinto

has

30 comma 00030,000

shares of voting stock outstanding during

20182018

and

JoinerJoiner

has significant influence over

PintoPinto.

On January 1, 2018, Joiner, Inc. decides to invest in 13,500 shares of Pinto stock when the stock is selling for $20 per share. On June 1, 2018, Pinto paid a $1.20 per share cash dividend to stockholders. On December 31, 2018, Pinto reports net income of $70,000 for 2018. Assume Pinto has 30,000 shares of voting stock outstanding during 2018 and Joiner has significant influence over Pinto. Read the requirements. June 1. rm paiu api.zu per share van uvienu IU SIUCNNOIVEIS Date Accounts and Explanation Credit Debit Jun. 1 16,200 Cash Equity InvestmentsPinto 16,200 Received cash dividend (equity method). December 31: Pinto reports net income of $70,000 for 2018. Date Accounts and Explanation Debit Credit Dec. 31 Equity InvestmentsPinto Revenue from Investments Recorded revenue earned from investment (equity method)