Please double check my work and help me especially with both part 5 and part 9.

1 Problem 18 [no significant influence] 3 2 On January 1, 2020 ABC purchased 100,000 shares of XYZ common shares at purchase price of $13 per share. The ownership of 100,000 shares gives ABC a 10% ownership stake in XYZ, which is insufficient 4 to give ABC significant influence over the operations of XYZ. The fiscal year of ABC ends on 5 December 31. XYZ's GAAP financials reported total net income of $1,500,000 for calendar year 2020. During that year, XYZ declared and paid of $0.50/share on June 30 and December 31 st. ABC received the December 3 1 dividend payment on January 1, 2021. XYZ common stock, which is traded on the New York Stock 10 Exchange, closed at $17 per share on December 31, 2020. 11 All questions below pertain to the accounting for the investment by ABC. 12 13 1. Prepare all journal entries related to the equity investment that is necessary for ABC to issue GAAP 14 compliant financial statements for the year ended December 31, 2020. 15 16 17 Enter your answer below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. 18 Entry to record purchase of stock on 1/1/2020: 19 20 Account Debit Credit 21 Investment in XYZ common stock 1,300,000 22 Cash 1,300,000 23 24 25 Entry to record receipt of dividend on 6/30/2020 (assume the dividend payment was received on 6/30): 26 27 Account Debit Credit 28 Dividend receivable 50,000 29 Dividend revenue 50,000 N N 30 31 32 Entries needed at 12/31/2020: 33 34 Account Debit Credit 35 Dividend receivable 50,000 36 Dividend revenue 50,000 37 Fair Value Adjustment 400,000 38 Unrealized Holding Gain - NI 400,000 w w w w 39