Question: EXERCISE 4-7 Equity Method, Year Subsequent to Acquisition LO 2 LO 5 Continue the situation in Exercise 4-6 and assume that during 2020 Sales Company

EXERCISE 4-7 Equity Method, Year Subsequent to Acquisition LO 2 LO 5 Continue the situation in Exercise 4-6 and assume that during 2020 Sales Company earned $190,000 and declared and paid a $50,000 dividend. Required: A. Prepare the investment-related entries on Pert Company's books for 2020. B. Prepare the workpaper eliminating entries for a workpaper on December 31, 2020.

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