Question: HI BE 12-13 Equity method; financial statement effects LO12-6, LO12-7 The fair value of Wallis, Inc.'s depreciable assets exceeds their book value by $50 million.

HI BE 12-13 Equity method; financial statement effects LO12-6, LO12-7 The fair HI

BE 12-13 Equity method; financial statement effects LO12-6, LO12-7 The fair value of Wallis, Inc.'s depreciable assets exceeds their book value by $50 million. The assets have an average remaining useful life of 15 years and are being depreciated by the straight-line method. Park Industries buys 30% of Wallis's common shares. When Park adjusts its investment revenue and the investment by the equity method, how will the situation described affect those two accounts

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