s$.$ Johnson reports assets on that date of $$1,400,000$ with liabilities of $$500,000.$ One building with a $7-$

year remaining life is undervalued on Johnson's books by $$140,000.$ Also, Johnson's book value for its trademark

$(10-$year remaining life$)$ is undervalued by $$210,000.$ During the year, Johnson reports net income of $$90,000$

while declaring dividends of $$30,000.$

$1.$ What is the Investment in Johnson Company balance $($equity method$)$ in Franklin's financial reports as of

December $31?$

$2.$ What is the equity income in Johnson to be reported by Franklin in the current period?s$.$ Johnson reports assets on that date of $$1,400,000$ with liabilities of $$500,000.$ One building with a $7-$

year remaining life is undervalued on Johnson's books by $$140,000.$ Also, Johnson's book value for its trademark

$(10-$year remaining life$)$ is undervalued by $$210,000.$ During the year, Johnson reports net income of $$90,000$

while declaring dividends of $$30,000.$

$1.$ What is the Investment in Johnson Company balance $($equity method$)$ in Franklin's financial reports as of

December $31?$

$2.$ What is the equity income in Johnson to be reported by Franklin in the current period?s$.$ Johnson reports assets on that date of $$1,400,000$ with liabilities of $$500,000.$ One building with a $7-$

year remaining life is undervalued on Johnson's books by $$140,000.$ Also, Johnson's book value for its trademark

$(10-$year remaining life$)$ is undervalued by $$210,000.$ During the year, Johnson reports net income of $$90,000$

while declaring dividends of $$30,000.$

$1.$ What is the Investment in Johnson Company balance $($equity method$)$ in Franklin's financial reports as of

December $31?$

$2.$ What is the equity income in Johnson to be reported by Franklin in the current period?s$.$ Johnson reports assets on that date of $$1,400,000$ with liabilities of $$500,000.$ One building with a $7-$

year remaining life is undervalued on Johnson's books by $$140,000.$ Also, Johnson's book value for its trademark

$(10-$year remaining life$)$ is undervalued by $$210,000.$ During the year, Johnson reports net income of $$90,000$

while declaring dividends of $$30,000.$

$1.$ What is the Investment in Johnson Company balance $($equity method$)$ in Franklin's financial reports as of

December $31?$

$2.$ What is the equity income in Johnson to be reported by Franklin in the current period?