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At the beginning of 20X7, Water Ltd. acquired 35 percent of the outstanding shares of Solid Co. at a cost of $210,000. There were no acquisition differentials or fair value adjustments related to the acquisition. Solid has reported the following information:
Year Net income Dividend paid on December 3120X7 $56,000 $42,00020X8 $64,200 $56,000
The fair value of Water investment in Solid is $252,000 at the end of 20X7 and $259,000 at the end of 20X8. Both Water and Solid have December 31 year-ends. Required: Question 1: Prepare the journal entries that Water should make relating to its investment in Solid for 20X7 and 20X8 under each of the following methods:
a) the cost methodb) the equity methodc) FVTPLd) FVTOCI
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