Need assistance with how to solve for this problem below. Thanks, Peace Company Issued common shares with

Need assistance with how to solve for this problem below. Thanks,

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Peace Company Issued common shares with a par value of $58,000 and a market value of $160,800 in exchange for 30 percent ownership of Symbol Corporation on January 1, 20X2. Symbol reported the following balances on that date: SYMBOL CORPORATION Balance Sheet January 1, 20x2 Assets Cash Accounts Receivable Inventory (FIFO basis) Land Buildings & Equipment Less: Accumulated Depreciation Patent Total Assets Liabilities & Equities Accounts Payable Bonds Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities & Equities Book Value Fair Value $ 41,000 92,000 132,000 $ 41,000 92,000 162,000 50,000 503,000 (243,000) 65,000 $ 575,000 $ 30,000 150,000 141,000 13,000 241,000 $575,000 323,000 33,000 $ 716,000 $ 30,000 150,000 The estimated economic life of the patents held by Symbol is 10 years. The buildings and equipment are expected to last 12 more years on average. Symbol paid dividends of $13,000 during 20X2 and reported net income of $82,000 for the year. Required: Compute the amount of Investment Income (loss) reported by Peace from Its Investment in Symbol for 20X2 and the balance in the Investment account on December 31, 20X2, assuming the equity method is used in accounting for the Investment. Note: If a loss occurs, enter the amount as a negative number. Answer is complete but not entirely correct. Investment income (loss) S 45,600 x Balance in the investment account $ 23,500 Peace Company Issued common shares with a par value of $58,000 and a market value of $160,800 in exchange for 30 percent ownership of Symbol Corporation on January 1, 20X2. Symbol reported the following balances on that date: SYMBOL CORPORATION Balance Sheet January 1, 20x2 Assets Cash Accounts Receivable Inventory (FIFO basis) Land Buildings & Equipment Less: Accumulated Depreciation Patent Total Assets Liabilities & Equities Accounts Payable Bonds Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities & Equities Book Value Fair Value $ 41,000 92,000 132,000 $ 41,000 92,000 162,000 50,000 503,000 (243,000) 65,000 $ 575,000 $ 30,000 150,000 141,000 13,000 241,000 $575,000 323,000 33,000 $ 716,000 $ 30,000 150,000 The estimated economic life of the patents held by Symbol is 10 years. The buildings and equipment are expected to last 12 more years on average. Symbol paid dividends of $13,000 during 20X2 and reported net income of $82,000 for the year. Required: Compute the amount of Investment Income (loss) reported by Peace from Its Investment in Symbol for 20X2 and the balance in the Investment account on December 31, 20X2, assuming the equity method is used in accounting for the Investment. Note: If a loss occurs, enter the amount as a negative number. Answer is complete but not entirely correct. Investment income (loss) S 45,600 x Balance in the investment account $ 23,500

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