English, 22.03.2021 14:00 eskarletche8

LY purchase 40 percent of KS’s stock on January 1, 2020, for $136,000.On that date, KS reported net assets of $300,000 valued at historical cost and $340,000 stated at fair value. The difference was due to the increased value of buildings with a remaining life of 10 years. KS reported net income of $10,000 and $6,000 in 2021 and reported net income of $20,000 and $9,000 in 2022 Required: Assuming that LY uses (a) the equity method and (b) the cost method in accounting for its ownership of KS, given the journal entries that LY recorded in 2021 and 2022.

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LY purchase 40 percent of KS’s stock on January 1, 2020, for $136,000.On that date, KS reported net...