Required:

Complete the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

a. Purchased additional investments in affiliated companies for cash.

b. Received cash dividends on the investments.

c. At year-end, the investments in affiliates account had a fair value of $63,300; the affiliate also reported $5,860 in net income for the year.

d. What would be reported on the balance sheet related to the investments in affiliates on December 31? (Hint: under Assets)

e. What would be reported on the income statement for the year? (Hint: under Other Items)

Below are selected T-accounts for William Company Investments in Affiliates 11 83,620 Purchase 12,850 10,107 Share of affiliate net income 12/31 89,420 Equity in Affiliate Earnings 3,057 Share of affiliate dividends Share of affiliate net income 12/31