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Gant Company purchased 30 percent of the outstanding shares of Temp Company for $74,000 on January 1, 20X6. The following results are reported for Temp Company:
20X6 20X7 20X8
Net income $ 41,000 $ 36,000 $ 53,000
Dividends paid 10,000 26,000 15,000
Fair value of shares held by Gant:
January 1 74,000 93,000 90,000
December 31 93,000 90,000 101,000
Required:
Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant’s investment in Temp at the end of each year assuming that Gant uses the following options in accounting for its investment in Temp:
Carries the investment at fair value.
Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant’s investment in Temp at the end of each year assuming that Gant uses the fair value option in accounting for its investment in Temp.
20X6 20X7 20X8
Income from investment
Balance in investment
Uses the equity method.
Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant’s investment in Temp at the end of each year assuming that Gant uses the equity method in accounting for its investment in Temp.
20X6 20X7 20X8
Income from investment
Balance in investment
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