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Visage Cosmetics, a public company, acquires 40% of Teal Mountain Inc.'s 31,000 common shares for $16 per share on January 2, 2021. On June 15, Teal Mountain pays a cash dividend of $31,000. On December 31, Teal Mountain reports profit of $383,500 for the year. At December 31, Teal Mountain shares are trading at $22 per share.
Question 1: Prepare the required journal entries to record the Teal Mountain Inc. investment assuming significant influence exists.
Question 2: Determine the balance in the investment account on December 31, 2021, Visage Cosmetics' year end.
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