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Question 2 of 20 -/10 CUTTEN ALLEMPUgress On January 1, 2021, Martinez's Motor Corp., a private company, buys 30% of Molly's Engines Ltd's 420,000 common shares for $1,386,000. On December 31, 2021. Molly's pays a $72,000 cash dividend and reports profit of $470,000. At December 31, 2021. Molly's shares are trading at $14.25 per share. Both companies have a December 31 year end. Martinez's is able to appoint one board member to Molly's board of directors who has been influential in directing the operations of the company. Record the above transactions assuming Martinez's uses the equity method to report its investment in Molly's Engines Ltd. (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 O for the amounts Record journal entries in the order presented in the problem) Debit Credit Date Account Titles and Explanation (To record dividend received from associate.) [To record investment income from associate.) transactions assuming Martinez's uses the equity method to re les are automatically indented when the amount is entered. Do not in munt titles and enter for the amounts. Record journal entries in the or Account Titles and Explanation Income from Investment in Associate Short-Term Investmetns at FVTPL Equity Other Comprehensive Income Dividend Revenue Cash Long-Term Investments-Molly's Engines Ltd. Common Shares Long-Term Investments-Equity Investment in Associate (To record investment income from associate.) e the amounts to be reported on Martinez's Motor Corp's balance sheet and in December 31, 2021 assuming estion 2 of 20 - / 10 V (To record investment income from associate.) Determine the amounts to be reported on Martinez's Motor Corp's balance sheet and income statement for its investment in Molly's at December 31, 2021, assuming Martinez's Motors uses the equity method. Balance Sheet Non-current assets Investment in Associate Income Statement Other revenue Income from investment in associate an Gestion 2 of 20 - / 10 Income from investment in associate Record the above transactions assuming Martinez's elects to use the cost method for its investment in Molly's. (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 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Motor Corp's balance sheet and income statement for its investment in mantin Molly's Income from investment in associate Record the above transactions assuming Martinez's elects to use the cost method for it titles are automatically indented when the amount is entered. Do not indent manually. If no e account titles and enter O for the amounts. Record journal entries in the order presented in the Date Account Titles and Explanation Debit Other Comprehensive Income Income from Investment in Associate Investment in Associate Long-Term Investments-Equity Cash Short-Term Investmetns at FVTPL Equity Dividend Revenue Determine the amounts to be reported on Martinez's Motor Corp's balance sheet and incom Molly's at December 31, 2021. Assume Martinez's elects to use the cost method for its invest Balance Sheet Non-current assets = V > Determine the amounts to be reported on Martinez's Motor Corp's balance sheet and income statement for its investment in Molly's at December 31, 2021. Assume Martinez's elects to use the cost method for its investment in Molly's Balance Sheet Non-current assets Investment in Associate $ Income Statement Other revenue Dividend Revenue