2. Calculate the carrying value per share of Heritage's investment as reflected in the investment account on January 4, 2025. (Roundyour answer to 2 decimal places.)SCarrying value per share3.Calculate the change in Heritage's equity from January 2, 2023, through January 5, 2025, resulting from its investment in Port.Equity8.42decreasesby S 144.800 Heritage Ltd. was organized on January 2, 2023. The following investment transactions and events occurred during the followingmonths:2023Jan. 6 Heritage paid $581,500 (including transaction fees of $50) for 50,600 shares (20%) of Port Inc. outstanding common shares.Ape. 30 Port declared and paid a cash dividend of $1.20 per share..Dec.31 Port announced that its profit for 2023 was $540,000. Fair value of the shares was $12.40 per share.2024Oct.15 Port declared and paid a cash dividend of $0.80 per share.Dec. 31 Port announced that its profit for 2024 was $690,000. Fair value of the shares was $12.78 per share.2025Jan. 5 Heritage sold all of its investment in Port for $688,000 cash.Assume that Heritage has a significant influence over Port with its 20% share.

If an investor holds at least 20 percent of the voting power of an investee, the investor is…

2. Calculate the carrying value per share of Heritage's investment as reflected in the investment account on January 4, 2025. (Round your answer to 2 decimal places.) Carrying value per share Equity $ 3. Calculate the change in Heritage's equity from January 2, 2023, through January 5, 2025, resulting from its Investment in Port. decreases 8.42 by S 144.800 27

2. Calculate the carrying value per share of Heritage's investment as reflected in the investment account on January 4, 2025. (Round your answer to 2 decimal places.) Carrying value per share Equity $ 3. Calculate the change in Heritage's equity from January 2, 2023, through January 5, 2025, resulting from its Investment in Port. decreases 8.42 by S 144.800 27

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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