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Required information [The following information applies to the questions displayed below.] Company T had 40,000 outstanding shares of common stock, par value $11 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $20 per share. At the end of the current year, Company T reported the following: income, $60,000, and cash dividends declared during the year, $31,500. The fair value of Company T stock at the end of the current year was $17 per share. Required: 1. For each of the following situations, identify the method of accounting that Company P should use. Required information [The following information applles to the questions displayed below.] Company T had 40,000 outstanding shares of common stock, par value $11 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $20 per share. At the end of the current year, Company T reported the following: income, $60,000, and cash dividends declared during the year, $31,500. The fair value of Company T stock at the end of the current year was $17 per share. 2-a. Prepare the journal entries for Company P at the dates indicated assuming 6,000 shares of Company T were purchased. Assume he investment will be held long term. 2-b. Prepare the journal entries for Company P at the dates indicated assuming 10,000 shares of Company T were purchased. Assume the investment will be held long term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement fompany P: Complete this question by entering your answers in the tabs below. Prepare the joumal entries for Company P at the dates indicated assuming 6,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. i-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement of Company P: Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 6,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. me mivesuntin will ve neru roily term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement of Company P: Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 6,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Recognize the income reported by Company T for current year. Note: Enter debits before credits. tale liveralarit will ve netu long term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company Pi 3-b. Complete the following schedulo to show the separate amounts that should be reported on the current year's income statemert of Company P: Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 6,000 stares of Company T were purchased. Assume the investment will be held fong term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fieid. Journal entry worksheet Record the dividends declared by Company T. Note: Erter debrts before credts. ue uivesumeit win ve ileiu iong ietill. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company Pi 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statemen of Company P: Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 6,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. the ilivesument win ve ileic iong term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement of Company P: Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 6,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Recognize the fair value of the investment at year end. Note: Enter debits before credits. the investment will be neia iong term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statemi of Company P: Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 10,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Recognize the income reported by Company T for current year. Note: Enter debits before credits. the investment will be neid iong term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet Company P. 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income stateri of Company P. Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 10,000 shares of Company T were purchased. Assume th investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 5 the investment will be neid iong term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statem of Company P: Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 10,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the dividends declared by Company T. Note: Enter debits before credits. the investment will be neid iong term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statem of Company P: Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 10,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. the investment will be neia iong term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statem of Company P: Complete this question by entering your answers in the tabs below. Prepare the joumal entries for Company P at the dates indicated assuming 10,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Recognize the fair value effect at the end of current year. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] Company T had 40,000 outstanding shares of common stock, par value $11 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $20 per share. At the end of the current year, Company T reported the following: income, $60,000, and cash dividends declared during the year, $31,500. The fair value of Company T stock at the end of the current year was $17 per share. 2-a. Prepare the journal entries for Dompany P at the dates indicated assuming 6,000 shares of Company T were purchased. Assume the investment will be held long term. 2-b. Prepare the journal entries for Company P at the dates indicated assuming 10,000 shares of Company T were purchased. Assume the investment will be held long term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement of Company P: Complete this question by entering your answers in the tabs below. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: Required information [The following information applies to the questions displayed below.] Company T had 40,000 outstanding shares of common stock, par value $11 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $20 per share. At the end of the current year, Company T reported the following: income, $60,000, and cash dividends declared during the year, $31,500. The fair value of Company T stock at the end of the current year was $17 per share. 2-a. Prepare the journal entries for Company P at the dates indicated assuming 6.000 shares of Company T were purchased. Assume he investment will be held long term. 2-b. Prepare the journal entries for Company P at the dates indicated assuming 10,000 shares of Company T were purchased. Assume the investment will be held long term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement of Company P: Complete this question by entering your answers in the tabs below. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement of Company P: Note: Amounts to be deducted should be indicated by a minus sign