Question Help Fairway Gold Corp. owns equity-method investments in several companies. Suppose Fairway paid $15,000,000 to acquire a 40 percent investment in Sterling Ltd. Further, assume Sterling Ltd. reported net income of $1,840,000 for the first year and declared and paid cash dividends of $850,000 Calculate the balance in the Investment in Sterling Ltd. Common Shares account. Assume that after all the above transactions took place, Fairway Gold Corp. sold its entire investment in Sterling Ltd. common shares for $15,500,000. Journalize the sale of the investment. Disregard broker commissions on sale S ip er Calculate the balance in the Investment in Sterling Ltd. Common Shares account. (Leave any unused cells blank.) Investment in Sterling Ltd. Common Shares of Balance mpa TH ced Tegl Journalize the sale of the investment (Record debits first, then credits. Explanations are not required.) Journal Entry Accounts Date Debit Credit er as 00.1 of the ation Instructor Tip - X 9. Em 2,000, n was a Con en For the journal entry: If you have unused line, leave the last line blank. estate compar hat is erating on built the ilding many yo tion Choose from any list or enter an Close hp