Business, 02.12.2021 01:00 phelanpearson3995

As a long-term investment, Fair Company purchased 20% of Midlin Company's 300,000 shares for $360,000 at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $135,000 and distributed cash dividends of $0.25 per share. At year-end, the fair value of the shares is $375,000. Assume no significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjustment for the investmentâ€™s fair value, if appropriate. 2. Assume significant influence was acquired. Required:
Record the transactions from the purchase through the end of the year, including any adjustment for the investmentâ€™s fair value, if appropriate.

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As a long-term investment, Fair Company purchased 20% of Midlin Company's 300,000 shares for $360,00...

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