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Please help me Q4. (20 points) Peck Company purchased Sanno Company common stock in a series of open- market cash purchases from 2012 through 2014

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Q4. (20 points) Peck Company purchased Sanno Company common stock in a series of open- market cash purchases from 2012 through 2014 as follows. Sanno has 10,000 shares outstanding during the entire time period. Date Shares Acquired/Sold Cost/Cash received 1/1/12 purchase 2,000 $50,000 1/1/13 purchase 6,000 120,000 1/1/14 purchase 1,000 30,000 5/1/15 sale 1,500 75,000 Any difference between implied and book values is assigned to goodwill. Peck Company uses the cost method to account for its investment in Sanno Company. Sanno Co CS RE Equity 1/1/12 100,000 40,000 140,000 1/1/13 100,000 (10,000) 90,000 1/1/14 100,000 80,000 180,000 1/1/15 100,000 160,000 260,000 12/31/15 100,000 240,000 340,000 Sanno Co NI Div 2012 -50,000 0 2013 90,000 0 2014 90,000 10,000 2015 100,000 20,000 A. Determine the gain or loss on revaluation on 1/1/13 (about the 1/1/12 holdings) B. Determine the gain or loss on revaluation on 1/1/14 (about the 1/1/14 purchase) C. Determine the gain or loss on revaluation on 5/1/14 (about the 5/1/14 sale). Assume that S company earned $30,000 during 1/1-5/1/14. D. Provide Journal entries on the following date or event. 1/1/12 1/1/13 1/1/14 2014 dividend date 5/1/15 2015 dividend date E. With respect to 5/15 journal entry, two eliminating entries are required. Prepare the two eliminating entries

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