Complete the journal entries as necessary for both Part 1 andPart 2.Part 1. Transaction...Complete...

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Accounting

Complete the journal entries as necessary for both Part 1 andPart 2.
Part 1. Transaction
1. 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:Transaction
4. 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.

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Part-1	Journal Entries

S.No.	Date	Particulars	Debit	Credit

1	01-01-2020	Investment in apple common stock	20,00,000
		To Bank A/c		20,00,000

2	31-12-2020	Bank A/c	2,000
		To Dividend Income		2,000

3	31-12-2020	Fair value adjustment	50,000
		To Unrealized holding gain (on Income Statement)		50,000

Part-2	Journal Entries

4	01-01-2020	Investment in apple common stock	20,00,000
		To Bank A/c		20,00,000

5	31-12-2020	Bank A/c	6,000
		To Dividend Income		6,000

6	31-12-2020	Fair value adjustment	50,000
		To Unrealized holding gain (on Income Statement)		50,000

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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.