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TB Problem 12-169 (Algo) On July 1, 2021, Clearwater Inc. purchased 9,300 shares of the outstanding common stock of Mountain Corporation at a cost of

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TB Problem 12-169 (Algo) On July 1, 2021, Clearwater Inc. purchased 9,300 shares of the outstanding common stock of Mountain Corporation at a cost of $213,000. Mountain had 31,000 shares of outstanding common stock. The total book value and total fall value of Mountain's individual net assets on July 1, 2021, are both $710,000. The total fair value of the 31000 shares of Mountain's common stock on December 31, 2021, is $765,000. Both companies have a January through December fiscal year. The following data pertains to Mountain Corporation during 2021 $12.100 $12.100 Dividends declared and paid, January 1-June 30 Dividends declared and paid, July 1-December 01 Set income, January 1ube 30 Hot incon, July 1 December 10,100 310.100 Required: 1. Prepare the necessary entries for 2021 unde the equity method (other than for the purchase). 2. Prepare any necessary entries for 2021 (other than for the purchase that would be required if the securities were accounted for under the fair value through net income method Required 1 Required 2 Prepare the necessary entries for 2021 under the equity method (other than for the purchase). (If no transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal ently worksheet Journal entry worksheet Required 1 Required 2 Prepare any necessary entries for 2021 (other than for the purchase) that would be required ift the fair value through net income method. (If no entry is required for a transaction/event, select account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry for cash dividend received for securities available for sale. Note: Enter debits before credits General Journal Dobit Credit Transaction 2 Required 1 Required 2 Prepare any necessary entries for 2021 (other than for the purchase) that would be required if the sec the fair value through net income method. (If no entry is required for a transaction/event, select "No ja account field.) View transaction list Journal entry worksheet

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