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Fredo, Inc., purchased 10% of Sonny Enterprises for $1,000,000 on January 1, 2021. Sonny recognized a total of $400,000 net income during 2021, paid $30,000 of dividends to Fredo during 2021, and at December 31, 2021, the market value of the Sonny investment increased to $1,040,000. Required: Prepare the journal entries necessary to account for the Sonny investment, assuming that Fredo (1) does not have significant influence or (2) does have significant influence over the operating and financial policies of the investee. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries necessary to account for the Sonny investment, assuming that Fredo lacks significant influence. (If n is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Ellen's Antiques reported the following in its December 31, 2021, balance sheet: Equipment Accumulated depreciation equipment $4,000,000 $3,150,000 In a disclosure note, Ellen's indicates that it uses straight-line depreciation over eight years and estimates salvage value at 10% of cost. Required: Compute the average age of Ellen's equipment at 12/31/2020. Average age years

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