Idle Corporation has been acquiring shares of Fast Track Enterprises at book value for the last several years. Fast Track provided data including the following: 20X2 20X3 20X4 20X5 Net Income $ 41,000 $ 56,000 $ 41,000 $ 51,000 Dividends 23,000 23,000 13,000 23,000 Fast Track declares and pays its annual dividend on November 25 each year. Its net book value on January 1, 20X2, was $263,000. Idle purchased shares of Fast Track on three occasions: Date Percent of Ownership
Purchased Amount Paid
January 1, 20X2 10 % $ 25,300
July 1, 20X3 5 17,710
January 1, 20X5 14 70,840
Required:
a. Prepare the journal entries to be recorded on Idle’s books in 20X5 related to its investment in Fast Track.
b. Record purchase of Fast Track stock.
c. Record the pick-up of the difference between cost and equity income.
d. Record dividend from Fast Track Enterprises.
e. Record equity-method income.

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Choose the best term for each definitionexpense, liability, monetary asset, statement of financial position, tangible asset, net worth, market value, investment asset, income, assetitems of monetary value a person or household ownsmoney spentmoney receivedfinancial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the futurea debt or obligation owed to othersthe amount you could realistically sell an asset forassets that can be quickly and easily converted into casha measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to othersa financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worthpersonal property that was purchased to create a lifestyle or improve your life

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