Part 1 2 On 1 1 X1, Ping company acquired 60 of Stewart's common stock for $600,000 and 30 of Stewart's preferred stocks for $60,000 On the acquisition date, Stewart be included the following Capital stock 500,000 RE 500,000 Pre Stock 200,000 During year X1, Stewart earned $200,000 in paid dividends of $50,000 to common stock and $20,000 to preferred stock On 12 31 x1 Stewart's preferred stock had a market value of $200,000 Based on this information, how much investment income should ping recognize on 12 31 x1 36,000 108,000 114,000 120,000 None of the above Part 2 2 This question is based on the same information as in the preceding question On 1 1 X1 Ping Company acquired 60 of Stewart s common stock for $600,000 and 30 of Stwart s preferred stock for On the acquisition date, Stwart's equity included the following Capital Stock $500,00 Retained Earnings $500,000 Preferred Stock $200,000 During Year 1, Stewart earned $200,000 and paid dividends of $50,000 to common stock and $20,000 to preferred stock Assume that you are consolidating the trial balances of Ping and Stewart's on 12 31 X1 Prepare the consolidation worksheet entries

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Part 1/2 : On 1/1/X1, Ping company acquired 60% of Stewart's common stock for $600,000 and 30% of Stewart's preferred stocks for $60,000. On the

Part 1/2 : On 1/1/X1, Ping company acquired 60% of Stewart's common stock for $600,000 and 30% of Stewart's preferred stocks for $60,000. On the acquisition date, Stewart be included the following:

Capital stock: 500,000

RE: 500,000

Pre. Stock: 200,000

During year X1, Stewart earned $200,000 in paid dividends of $50,000 to common stock and $20,000 to preferred stock. On 12/31/x1 Stewart's preferred stock had a market value of $200,000. Based on this information, how much investment income should ping recognize on 12/31/x1?

36,000
108,000
114,000
120,000
None of the above

Part 2/2 : This question is based on the same information as in the preceding question. On 1/1/X1. Ping Company acquired 60% of Stewart;s common stock for $600,000 and 30% of Stwart;s preferred stock for. On the acquisition date, Stwart's equity included the following:

Capital Stock $500,00

Retained Earnings $500,000

Preferred Stock $200,000

During Year 1, Stewart earned $200,000 and paid dividends of $50,000 to common stock and $20,000 to preferred stock. Assume that you are consolidating the trial balances of Ping and Stewart's on 12/31/X1. Prepare the consolidation worksheet entries