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please answer these two questions 9. During 2019 and 2020, Hugh reported the following Year 2019 2020 Net Income Cash Dividends $450,000 $100,000 $525,000 $140,000
please answer these two questions
9. During 2019 and 2020, Hugh reported the following Year 2019 2020 Net Income Cash Dividends $450,000 $100,000 $525,000 $140,000 FMV at 12/31 $1,100,000 $2,200,000 Required: 1. Please prepare all necessary journal entries for Hewitt with respect to Super for 2020. 2. In 2020, what income did Hewitt report from its investment in Super? 3. On Hewitt's comparative financial statements for 2019 and 2020, what amounts should Hewitt report in its balance sheet as "Investment in Hugh" in connection with this investment? 3. On Hewitt's comparative financial statements for 2019 and 2020, what amounts should Hewitt report in its balance sheet as "Investment in Hugh' in connection with this investment? 3 of 3 9. During 2019 and 2020, Hugh reported the following Year 2019 2020 Net Income Cash Dividends $450,000 $100,000 $525,000 $140,000 FMV at 12/31 $1,100,000 $2,200,000 Required: 1. Please prepare all necessary journal entries for Hewitt with respect to Super for 2020. 2. In 2020, what income did Hewitt report from its investment in Super? 3. On Hewitt's comparative financial statements for 2019 and 2020, what amounts should Hewitt report in its balance sheet as "Investment in Hugh" in connection with this investment? 3. On Hewitt's comparative financial statements for 2019 and 2020, what amounts should Hewitt report in its balance sheet as "Investment in Hugh' in connection with this investment? 3 of 3 Step by Step Solution
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