homework need to finish

timer Asked: Feb 23rd, 2016

Question description

pun company acquired 10% of the 200,000 shares of common stock of Sheena company at a total cost pf 13$ per share on march 18,2016. on June 30,2016 Sheena declared and paid a $75000 dividend. on December 31,2016 Sheena report net income of $122000 for the year. at December 31, the market price of Sheena company was $14 per share. the stock is classified as available-for-sale.

1. On march 18,2016, pun company should:

2.on June 30,2016,Pun company should:

3.on December 31,2016, pun company should do what to account for the changes in the fair market value of the Sheena investment ?

4. on December 31,2016.pun company should do what to account for the net income reported by Sheena company?

5.on December 31,2016, the balance sheet of pan company would report the investment in Sheena at what amount?

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