QUESTION 1 Partially correct Mark 14.38 out of 20.00P Flag question Assessing Financial Statement Effects of Equity Method Securities Use the financial statement effects template to record the following transactions involving investments in marketable securities accounted for using the equity method a. Purchased 12,000 common shares of Bakersfield Co. at $12 per share; the shares represent 30% ownership in Bakersfield b. Received a cash dividend of $2.00 per common share from Bakersfield C. Bakersfield reported annual net income of $123,000 d. Sold all 12,000 common shares of Bakersfield for $159,000 Use negative signs with answers, if appropriate Ince State Balance Sheet Noncash Contrib Earned Transaction Cash Asset + Assets Liabilities + captial + Capital RevenuesExp (144,000) 144,000 Purchased shares of Bakersfield. b. Received cash dividend 24,000 (24,000) Bakersfield. Bakersfield reported annual net income Incc State Balance Sheet Noncash Contrib Earned Transaction Cash Asset + Assets Liabilities + captial + Capital RevenuesExp (144,000) 144,000 Purchased shares of Bakersfield. 0 0 0 b. Received cash dividend 24,000 (24,000) 0 0 Bakersfield. Bakersfield reported annual net income d. Sold all Bakersfield shares. 0 0 0 0 0 Check Income Balance Sheet Statement Noncash Contrib Earned set + Assets = Liabilities + Captial + Capital Revenues - Expenses Net income 00) 144,000 (24,000)