Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please provide the correct amswer with correct titles. View Policies Current Attempt in Progress Sage Hill inc, a public company, owns 20% of Dong Ltd's

please provide the correct amswer with correct titles.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
View Policies Current Attempt in Progress Sage Hill inc, a public company, owns 20% of Dong Ltd's common shares for strategic purposes. The investment's carrying amount at January 1, 2021, is $296,400. During the year, Dong reported profit of $256,300 and paid a dividend of $15,800. The investment's fair value on December 31, 2021. Sage Hill's year end, is $315.100. Assuming Sage Hill has significant influence over Dong, indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement. Equity Method Balance Sheet Short Term investments trivestment in Associate, Dong Lud. 344500 Income Statement: Income from bovestment in Associate 51260 eTextbook and Media Assume instead that Sage Hill is a private company and reports the investment using cost. Indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement Cost Method Balance Sheet: Short-Term Investments Investment in Associate. Dong Ltd. Income Statement: locome from Investment in Associate Assume instead that Sage Hill is a private company and reports the investment using cost. Indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement Cost Method Balance Sheet: Short-Term Investments Ltd Share Capital Total Current Assets Short Term Investments Total Current Liabilities Current Liabilities Total Share Capital Non Current Assets Current Ausets Total Non Current Assets e Textbook and Media lociate v Assistance Used e Textbook Assume instead that Sage Hill is a private company and reports the investment using cost. Indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement. Cost Method Balance Sheet: Short-Term Investments trivestment in Associate Dong Ltd. Income Statement: Income from Investment in Associate $ Dividend Revenue Income from Investment in Associate Interest Expense Investment in Associate, Dore Ltd. Gain on Sale of Trading Investments Interest Revenue Gain on Fair Value Adjustment Loss on Sale of Trading Investments Assistance Used

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Teaching Calculation Audit And Test

Authors: Richard English

1st Edition

144627277X, 978-1446272770

More Books

Students also viewed these Accounting questions