a. Was this equipment sale upstream or downstream? b. How much unrealized net gain from the equipment transfer remains at the beginning of 2022? (this is the amount you will need for the *TA entry at 1/2022.) c. Which company's Retained earnings account will be adjusted in the *TA entry in part a? (Which company was the "initiator" of the transaction?)

Question 4: Following balances have been extracted from the ledger of Titan Plc at 31 December 2020 Dr Cr. 3. Land and Building (Note 1) Valuation (1/1/2020) Accumulated depreciation (1/1/2020) Plant and equipment (Note 1) Valuation (1/1/2020) Accumulated depreciation at (1/1/2020): Revaluation surplus (31/12/2020) (Note 1) Retained earnings (31/12/2020) 500,000 80,000 175,000 70,000 209,000 256,450 Note 1 Titan Plc measures its PPE under the revaluation model. On 1 January 2020, the company's land and buildings were valued at £450,000 (Land value £100,000) and its plant and equipment were at £85,000. The valuation has not been reflected in the balances above. On 1 January 2020, the remaining useful lives of the buildings and plant and equipment were reassessed at 20 years and four years respectively. There were no unrecorded acquisitions to or disposals of PPE in the year ended 31 December 2020. The revaluation surplus at 31 December 2020, included £200,000 in respect of land and…

What is the adjusting journal entry on December 31, 2019?  Debit Unrealized Holding Gain/Loss (P&L), P200,000; Credit Retained Earnings, P200,000 Debit Financial Asset FVPL, P500,000; Credit Retained Earnings, P500,000 Debit Retained Earnings, P100,000; Credit Financial Asset FVPL, P100,000 Debit Retained Earnings, P300,000; Credit Unrealized Gain (P&L), P300,000 Debit Retained Earnings, P200,000; Credit Unrealized Holding Gain/Loss (P&L), P200,000 None of the choices

View previous attempt On December 31, 2019, Akron, Inc., purchased 5 percent of Zip Company's common shares on the open market in exchange for $16,200. On December 31, 2020, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $96,750. During the next two years, the following information is available for Zip Company: Common Stock Fair Value 2019 2020 2021 Income Dividends Declared $69,000 $7,100 89,000 14,700 (12/31) $324,000 387,000 477,000 Check my work At December 31, 2020, Zip reports a net book value of $289,000. Akron attributed any excess of its 30 percent share of Zip's fair over book value to its share of Zip's franchise agreements. The franchise agreements had a remaining life of 10 years at December 31, 2020, a. Assume Akron applies the equity method to its Investment in Zip account 1. What amount of equity income should Akron report for 2021? 2. On Akron's December 31, 2021, balance sheet, what amount is reported for the Investment in…