Skysong Inc., a public company, owns 20% of Dong Ltd.s common shares for strategic purposes. The investments carrying amount at January 1, 2021, is $302,600. During the year, Dong reported profit of $254,800 and paid a dividend of $15,000. The investments fair value on December 31, 2021, Skysongs year end, is $311,400.

Assuming Skysong has significant influence over Dong, indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement.

		Equity Method
Balance Sheet:
select an opening section name Total Non-Current AssetsNon-Current AssetsTotal Current AssetsCurrent LiabilitiesTotal Share CapitalShare CapitalTotal Current LiabilitiesCurrent AssetsShort-Term Investments
select a balance sheet item Investment in Associate, Dong Ltd.Interest RevenueInterest ExpenseIncome from Investment in AssociateDividend RevenueLoss on Sale of Trading InvestmentsGain on Fair Value AdjustmentGain on Sale of Trading Investments		$enter a dollar amount
Income Statement:
select an income statement item Interest RevenueLoss on Sale of Trading InvestmentsDividend RevenueGain on Fair Value AdjustmentGain on Sale of Trading InvestmentsIncome from Investment in AssociateInterest ExpenseInvestment in Associate, Dong Ltd.		enter a dollar amount

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Assume instead that Skysong is a private company and reports the investment using cost. Indicate the amount reported on the balance sheet for the investment at December 31 and the amount of income from this investment reported in the income statement.

		Cost Method
Balance Sheet:
select an opening section name Short-Term InvestmentsCurrent AssetsNon-Current AssetsCurrent LiabilitiesTotal Current AssetsShare CapitalTotal Non-Current AssetsTotal Share CapitalTotal Current Liabilities
select a balance sheet item Interest RevenueInvestment in Associate, Dong Ltd.Dividend RevenueIncome from Investment in AssociateGain on Fair Value AdjustmentGain on Sale of Trading InvestmentsInterest ExpenseLoss on Sale of Trading Investments		$enter a dollar amount
Income Statement:
select an income statement item Investment in Associate, Dong Ltd.Gain on Sale of Trading InvestmentsIncome from Investment in AssociateLoss on Sale of Trading InvestmentsInterest RevenueGain on Fair Value AdjustmentInterest ExpenseDividend Revenue		$enter a dollar amount

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