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Page Layout Formulas Data Review View Help Search X fc AB 45 Problem Two 15 points 46 Assume that Patty Co. acquires 6,000 of the 30,000 outstanding shares of common stock of 47 Summer Co. at $100 per share on Jan.1.2018. Assume the book value and fair value of 48 Summer's assets and liabilities are equal. Patty Co. acquired the 20% percent of the fair value 49 of Summer's net assets. 50 51 Summer's net income for the fiscal year ending December 31, 2018 is $150,000, and 52 dividends of $50,000 are paid on September 1, 2018. 55 Required: 57 1. This stock investments are not influence of the decision 58 a. Prepare the entry on January 1, 2018 to record the investment using Fair Value/Cost Method 65 b. Prepare the entry on September 1 to record dividends using Fair Value/Cost Method 8: Page Layout File Home Insert Formulas ACCT_3480_PARCIAL-SEGUNDA UNIDAD (2) - Excel Help Search Data Review View 1128 4 A B C D E G IH 72 c. Prepare the entry on December 31 to recognized net income using Fair Value/Cost Method I J K L M 2. This stock investments are influence of the decision 80 a. Prepare the entry on January 1, 2018 to record the investment using Equity Method 88 b. Prepare the entry on September 1 to record dividends using Equity Method 95 c. Prepare the entry on December 31 to recognized net income using Equity Method Sheet1