Required: 1. Assume no significant influence was acquired. How will the investment in Midlin Company be reflected in the balance sheet and income statement of Fair Company at year-end? Required information [The following information applies to the questions displayed below.] As a long-term investment, Fair Company purchased 20% of Midlin Company's 150,000 shares for $180,000 at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $120,000 and distributed cash dividends of $0.30 per share. At year-end, the fair value of the shares is $187,500. Investments Dividend Revenue. Dividend Revenue Unrealized Holding Gain-OCI Investments Cash Answer is complete but not entirely correct. Balance Sheet (Partial) Investments Cash 2. Assume significant influence was acquired. How will the investment in Midlin Company be reflected in the balance sheet and income statement of Fair Company at year-end? Balance Sheet (Partial) $ $ $ $ Income Statement (Partial) 180,000 7,500X 10,800 x Income Statement (Partial) 9,000 7,500

Required: 1. Assume no significant influence was acquired. How will the investment in Midlin Company be reflected in the balance sheet and income statement of Fair Company at year-end? Required information [The following information applies to the questions displayed below.] As a long-term investment, Fair Company purchased 20% of Midlin Company's 150,000 shares for $180,000 at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $120,000 and distributed cash dividends of $0.30 per share. At year-end, the fair value of the shares is $187,500. Investments Dividend Revenue. Dividend Revenue Unrealized Holding Gain-OCI Investments Cash Answer is complete but not entirely correct. Balance Sheet (Partial) Investments Cash 2. Assume significant influence was acquired. How will the investment in Midlin Company be reflected in the balance sheet and income statement of Fair Company at year-end? Balance Sheet (Partial) $ $ $ $ Income Statement (Partial) 180,000 7,500X 10,800 x Income Statement (Partial) 9,000 7,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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AutoSave Off H Document2 - Word P Search (Alt+Q) Sign in File Design References Mailings Review View Help Grammarly Picture Format P Comments A Share Home Insert Draw Layout P Find - - A A Aa v A = - E - E G Times New Roman v 12 Normal No Spacing Heading 1 Replace = = 1E v Editor Open Grammarly Paste BIU I U v - 2. A - ab x, x' A . A Select v Undo Clipboard a Font Paragraph Styles Editing Editor Grammarly a. At the beginning of the year, Addison Company's assets are $200,000 and its equity is $150,000. During the year, assets increase $80,000 and liabilities increase $46,000. What is the equity at year-end? Assets Liabilities Equity Beginning $ 200,000 = 150,000 Change 80,000 = 46,000 + Ending Page 1 of 1 O words Text Predictions: On * Accessibility: Good to go O Focus 110% 9:58 PM P Type here to search 49°F 3/20/2022 近

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