Business, 08.07.2020 22:01 abolton04

Gant Company purchased 20 percent of the outstanding shares of Temp Company for $83,000 on January 1, 20X6. The following results are reported for Temp Company: 20X6 20X7 20X8
Net income $ 48,000 $ 43,000 $ 57,000
Dividends paid 12,000 27,000 17,000
Fair value of shares held by Gant:
January 1 83,000 102,000 99,000
December 31 102,000 99,000 110,000
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 methods in accounting for its investment in Temp:.a. Cost method. b. Equity method. c. Fair value method.

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Gant Company purchased 20 percent of the outstanding shares of Temp Company for $83,000 on January 1...

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