I need help with this Instructions Chart of Accounts Journal Final QuestionInstructionsOn January 4, 20Y4, Ferguson Company purchased 159,800 shares of Silva Company's common stock directly from one of the founders for aprice of $31 per share. Silva has 470,000 shares outstanding, including the Daniels shares. On July 2, 20Y4, Silva paid $782,000 in total dividendto its shareholders. On December 31, 20Y4, Silva reported a net income of $1,019,000 for the year. Ferguson uses the equity method inaccounting for its investment in Silva.Required:a. Journalize the Ferguson Company entries for the transactions involving its investment in Silva Company during 20Y4. Refer to thechart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on ajournal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Round your intermediate calculations to two decimal places. When required, round final answers to the nearest dollar.b. Determine the December 31, 20Y4, balance of the investment in Silva Company stock account.Check My Work 2 more Check My Work uses remaining.+ Q SearchSF4RFсF5er sº%5TGF66YHF7&7UF8J8PF9N(9K18F10O-0LF11PF12< PreviousPrtScC+ 11ลงInsert1Next1:461/29/2DeleBacks

Investment -An asset acquired with the intention of earning revenue or recognition is called an…

On January 4, 20Y4, Ferguson Company purchased 159,800 shares of Silva Company's common stock directly from one of the founders fe price of $31 per share. Silva has 470,000 shares outstanding, including the Daniels shares. On July 2, 20Y4, Silva paid $782,000 in total div to its shareholders. On December 31, 20Y4, Silva reported a net income of $1,019,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva.