Question

Please answer requirement 2&3

Top Team Investments completed the following investment transactions during 2018: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Top Team's investment transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Jan. 14: Purchased 1,000 shares of Tycon stock, paying S47 per share. The investment represents 4% ownership in Tycon's voting stock. Top Team does not have significant influence over Tycon. Top Team intends to hold the investment for the indefinite future. Date Accounts Debit Credit Jan. 14 Equity Investments 47,000 Cash 47,000 * More Info Aug. 22: Received a cash dividend of $0.39 per share on the Tycon stock Date Accounts Debit Credit Aug. 22 Cash 390 Dividend Revenue 390 Requirements Dec. 31: Adjusted the investment to its current market value of $45 per share. Date Accounts Debit Credit Unrealized Holding Loss-Equity Dec. 31 Investments 2,000 Fair Value Adjustment-Equity Investments 2,000 1. Journalize Top Team's investment transactions. Explanations are not required. 2. Classify and prepare a partial balance sheet for Top Team's Tycon investment as of December 31, 2018 3. Prepare a partial income statement for Top Team Investments for year ended December 31, 2018. Jan. 14 Purchased 1,000 shares of Tycon stock, paying $47 per share. The investment represents 4% ownership in Tycon's voting stock. Top Team does not have significant influence over Tycon. Top Team intends to hold the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.39 per share on the Tycon stock Dec. 31 Adjusted the investment to its current market value of $45 per share. 31 Tycon reported net income of $420,000 for the year ended 2018 Dec. 31: Tycon reported net income of $420,000 for the year ended 2018. Date Accounts Debit Credit Dec. 31 No entry required Print Done Print Done Requirement 2. Classify and prepare a partial balance sheet for Top Team's Tycon investment as of December 31, 2018. (Use a minus sign or parentheses to enter a loss. If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Top Team Investments Balance Sheet (Partial) December 31, 2018 Current Assets: Long-term Assets: Stockholders' Equity Accumulated Other Comprehensive Income: Choose from any list or enter any number in the input fields and then click Check Answer.

Answer 1

Top Team lavestmeats Balance shut (Particel) December 31, 2018 $45000 current Assets: longterm Assets: long Term lavestmeats AFS (al fair value) stockholder's Equity Accumulated other comprehensive Income unrealized Holding Loss - AFS $(2000) Top Team lavestments Comprehensive Income statement for the year Ended December 31, 2018 Net Income T other comprehensive Oncome o unrealized Holding Loss - AFS ($2000) Comprehensive Income Loss $(2000)