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a 42. Speers Corporation owns 40% of Queens Company, which Speers originally purchased at the beginning of the year for $300,000. Queens earned $30,000 income during the year and distributed cash dividends of $5,000. Determine the amount of investment income reported by Speers for the year. $5,000 b. $30,000 $14,000 d. $2,000 $12,000 c. e 3. 43. Which of the following investments are reported on the owner's balance sheet at its fair value? Land b. Available-for-sale security Equity method security d. Common Stock Preferred Stock c 3. b. e. 44. Griffin Corporation owns 45% of an equity method investment in Watson Company. The balance in the Investment in Watson account at the beginning of the year was $500,000. During the year, Watson earned income of $60,000 and distributed dividends of $10,000. Calculate the ending balance in the Investment in Watson account $522,500 $500,000 c. $550,000 d. $527,000 $531,500 45. Which of the following is trote about consolidated financial statements prepared on the date of acquisition of a subsidiary? a. The subsidiary's revenues and expenses from the entire year are included. b. The subsidiary's assets and liabilities are reported at their historical cost. c. If a parent company owns less than 100% of a subsidiary, it can only consolidate the percentage of assets and liabilities that it owns. d. Goodwill is recorded if the parent company paid more than the fair value of net assets of the subsidiary. e. The purent company reports an investment in subsidiary separately on its balance sheet. 46. What is the minimum percentage that a parent company must own of a subsidiary's stock in order to present consolidated financial statements? a. 100% b. 75% C. 50% d. 20% e, 25%