The beginning of Homesby included the following long-term asset:
Equity-method Investment in Jasmine Software ………………………………………………… $618,000
Homesby completed the following investment transactions during the year:
At year-end, the fair values of Homesby’s investments were as follows: Lowell, $39,000; Jasmine, $747,000.
Requirements
1. Record the transactions in the journal of Homesby.
2. Post entries to the T-account for Equity-method Investment in Jasmine Software, and determine its balance at December 31.
3. Show how to report the Investment in Equity Securities and the Equity-method Investment in Jasmine Software accounts on Homesby’s at December 31.
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