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In: AccountingComplete the journal entries as necessary for both Part 1 andPart 2.Part 1. Transaction...Complete the journal entries as necessary for both Part 1 andPart 2.Part 1. Transaction1. On January 1st of 2020, Casey bought 10% of Apple 100,000shares of outstanding common stock at $20 a share.2. On December 31, 2020 Apple reported $40,000 of net income andpaid $20,000 of dividends.3. On December 31, 2020, the market price of stock was $ 25 ashare. Assume there was a zero balance in the fair value adjustmentaccount.Part 2. Complete the journal entries as required:Transaction4. On January 1st of 2020, Casey bought 30% of Apple 100,000shares of outstanding common stock at $20 a share and hassignificant influence.5. On December 31, 2020 Apple reported $40,000 of net income andpaid $20,000 of dividends.6. On December 31, 2020, the market price of stock was $ 25 ashare. Assume there was a zero balance in the fair value adjustmentaccount before this transaction.