Heritage Ltd was organized on January The following investment transactions and events occurred during the following months:
Jan. Heritage paid $including transaction fees of $ for shares of Port Inc. outstanding common shares.
Apr. Port declared and paid a cash dividend of $ per share.
Dec. Port announced that its profit for was $ Fair value of the shares was $ per share.
Oct. Port declared and paid a cash dividend of $ per share.
Dec. Port announced that its profit for was $ Fair value of the shares was $ per share.
Jan. Heritage sold all of its investment in Port for $ cash.
Assume that Heritage has a significant influence over Port with its share.
Required:
Prepare the entries to record the preceding transactions in Heritages books.
Calculate the carrying value per share of Heritages investment as reflected in the investment account on January Round your answer to decimal places.
Calculate the change in Heritages equity from January through January resulting from its investment in Port.
