Required information PA-6 (Algo) Comparing Methods to Account for Various Levels of Ownership of Voting Stock LO A-2, A-3 [The following information applies to the questions displayed below.] Company T had 38,000 outstanding shares of common stock, par value $10 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $26 per share. At the end of the current year, Company T reported the following: income, $61,000, and cash dividends declared during the year, $32,500. The fair value of Company T stock at the end of the current year was $23 per share. A-6 Part 2 and Part 3 -a. Prepare the journal entries for Company P at the dates indicated assuming 3,800 shares of Company T were purchased. Assume he investment will be held long term. -b. Prepare the journal entries for Company P at the dates indicated assuming 13,300 shares of Company T were purchased. Assume he investment will be held long term. i-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of :ompany P: -b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement f Company P