The beginning balance sheet of Robideau Corporation included the following Equity method Investment in FUN Software $610,000 Robideau Corporation completed the following investment transactions during the year Mar 16 Purchased 1,400 shares of Orange, Inc , common stock as a long term available for ...

Req 1 JOURNAL DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Mar 16 Investment in AFSS 1400 ...

The beginning balance sheet of Robideau Corporation included the following: Equity-method Investment in FUN Software ........................................ $610,000

Question:

The beginning of Robideau included the following:
Equity-method Investment in FUN Software ........................................ $610,000
Robideau completed the following investment transactions during the year:
Mar 16 ....... Purchased 1,400 shares of Orange, Inc., as a long-term available-for-sale investment, paying $12.75 per share.
May 21 ....... Received cash of $2.25 per share on the Orange investment.
Aug 17......... Received cash of $90,000 from FUN Software. Dec 31 Received annual reports from FUN Software; net income for the year was $530,000. Of this amount, Robideau's portion is 20%.
At year-end, the fair values of Robideau Corporation's investments are as follows: Orange, $26,200; FUN, $746,000.
Requirements
1. Record the transactions in the journal of Robideau Post entries to the T-account for Equity-method Investment in FUN Software, and determine its balance at December 31?
3. Show how to report the Investment in Available-for-Sale Securities and the Equity-method Investment in FUN Software accounts on Robideau Corporation's at December 31?
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