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Determine recognition ling corporation give to the events

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Reference no: EM132469017

Ling Corporation uses the equity method to account for its ownership of 35% of the common stock of Gorman Packing. During 2017, Gorman reported a net income of $80,000 and declares and pays cash dividends of $10,000. Ling's 35% ownership of Gorman's common stock increased in value by $10,000 over the course of the past year.

Question 1: What recognition should Ling Corporation give to these events?

Question 2: Why is it necessary to use comparative balance sheets, a current income statement, and certain transaction data in preparing a statement of cash flows?

Reference no: EM132469017

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