this is all for "2a" instructions in the first pic. This is clearly all part of
one question that has 2a,2b,2c,2d which ive split in half
"this is all for 2b"
Required information [The following information applies to the questions displayed below.] Company T had 25,000 outstanding shares of common stock, par value $12 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $21 per share. At the end of the current year, Company T reported the following: income, $46,000, and cash dividends declared during the year, $17,500. The fair value of Company T stock at the end of the current year was $18 per share. 2-a. Prepare the journal entries for Company P at the dates indicated assuming 3,500 shares of Company T were purchased. Assume the investment will be held long term. 2-b. Prepare the journal entries for Company P at the dates indicated assuming 7,500 shares of Company T were purchased. Assume the Investment will be held long tecm. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement of Company P : Complete this question by entering your answers in the tabs below. Prepare the joumal entries for Company P at the dates indicated assuming 3,500 shares of Company T were purchased. Assume the Investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Prepare the journal entries for Company P at the dates indicated assuming 3,500 shares of Company T were pur investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 5 Recognize the income reported by Company T for current year. Note: Enter debits before credits. Journal entry worksheet Record the dividends declared by Company T. Note: Enter debits before credits. Journal entry worksheet 12 Record the dividends paid by Company T. Note: Enter debits before credits. Journal entry worksheet 1. 2 Recognize the fair value of the investment at year end. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet 5 Recognize the income reported by Company T for current year. Note: Enter debits before credits. Journal entry worksheet Record the dividends declared by Company T. Note: Enter debits before credits. Journal entry worksheet
