On January 1, 2020, OurNewCo purchased shares of common stock in three companies None of...
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On January 1, 2020, OurNewCo purchased shares of common stock in three companies None of these investments create significant influence over the investee company. Date acquired Investee Number Instrmt Price per Cost Basis 1/1/2020 Gold Inc. 1.000 Shares $35 $35,000 1/1/2020 Story Inc. 4.000 Shares $10 $40.000 1/1/2020 Egg Inc. 3.000 Shares $15 $45.000 IF Story Inc pays a dividend of $2 per share and if the Fair Values of each stock are as shown below, the total impact on the income statement of Our NewCo in 2020 related to its stock investments would be? (use whole numbers without dollar signs. Hint: write out journal entries - add up every debit or credit that hits the income statement). Fair Values at December31, 2020: Gold Inc $40 per share Story Inc $42 per share Egg Inc $50 per share
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