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Problem - Equity Method On January 1, 2019, Jones Company acquires a 30% interest in Fink Company by purchasing 3,000 of its 10,000 common shares for $16 per share and obtains significant influence. On the date of acquisition, the net assets of Fink were as shown here:
Book Value
Fair Value
Non-depreciable assets (for example, land)
$ 15,000
$ 25,000
Depreciable assets (10-year remaining life)
90,000
115,000
$105,000
$140,000
Liabilities
$ 10,000
During 2019, Fink earned income of $22,000 and paid dividends of $6,000.
Required - Prepare all journal entries on Jones's books to record the acquisition, dividends, and income from the investment in Fink. Show supporting calculations.
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