Question: Hi there, Please help with the following exercise: Telecom Mobile Inc. purchased 30% of FlashCorporation's 29,000 outstanding common shares at acost of $15 per share

Hi there, Please help with the following exercise:

Telecom Mobile Inc. purchased 30% of FlashCorporation's 29,000 outstanding common shares at acost of $15 per share on January 3, 2018. The purchase price of $15 per share was based solely on the book value of Flash's net assets. On September 21,Flash declared and paid a cash dividend of $37,800. On December 31, Telecom Mobile's year end,Flash reported net income of $82,000 for the year. Flash shares had a fair value of $14.75 per share at December 31. Telecom Mobile Inc., a private Canadian corporation applies ASPE.

Required

1. Under the assumption that the 30% holding of Flashdoes notgive Charles significant

influence over Flash, prepare the 2018 entries using the FV-NI Method.

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