Station Land Manufacturing acquired a 30% interest in the outstanding stock of Performer Fiberglass Industries on December 31, 2018.

4 answers
Question:

Station Land Manufacturing acquired a 30% interest in the outstanding stock of Performer Fiberglass Industries on December 31, 2018. The purchase price was $3,100,000 and amounted to 100,000 shares. During 2019, Performer Industries paid just one dividend on June 30th of $1.65 per share. For yearend December 31, 2019, Performer Industries reported net income of $2,780,600. Its stock price on December 31, 2019 was $38 per share. Required
Prepare all journal entries required by Station Land Manufacturing for the time period starting with December 31, 2018 and through the next year ending December 31, 2019.
a. Assuming, they "cannot" exercise significant control, and the securities are reported as "available for sale".
b. Assuming, they "can" exercise significant control.
c. Under each of the methods used to account for the investment in Performer Industries on the previous page, what would be the amount reported on Station Land’s Balance Sheet related to the investment at December 31, 2019? In addition, what would be the total income reported on their Income Statement for the year ended 2019?
1) "Cannot" Exercise Significant Control
Balance Sheet Income Statement
2) "Can" Exercise Significant Control
Balance Sheet Income Statement

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