Please do these in a simple way so i can do it myself againafter, thanks! please note there is a) and b)
a) Explain the different types of Financial Assets, the different types of measurement and reporting in income statement and the balance sheet. b) Report the financial assets investment The beginning balance sheet of LetsDo Corporation include the following Long term investment in ToGo Software (Equity method investment) $500.000. LetsDo completed the following transactions during the year: Mar 16 Purchases 1.500 shares of Spot, Inc., as a long-term available for-sale investment, paying $13.00 per share. May 10 Received cash dividend of$2.00 per share on Spot investment. Aug 20 Received cash dividend of $10.000 from ToGo Software. Dec 31 Received annual reports from ToGo Software, net income for the year was $350.000 Of this amount LetsDo proportion is 35%. At year-end, the fair market values of LetsDo investment are Spot, $40.000; ToGo, $900.000. Show transcribed image text a) Explain the different types of Financial Assets, the different types of measurement and reporting in income statement and the balance sheet. b) Report the financial assets investment The beginning balance sheet of LetsDo Corporation include the following Long term investment in ToGo Software (Equity method investment) $500.000. LetsDo completed the following transactions during the year: Mar 16 Purchases 1.500 shares of Spot, Inc., as a long-term available for-sale investment, paying $13.00 per share. May 10 Received cash dividend of$2.00 per share on Spot investment. Aug 20 Received cash dividend of $10.000 from ToGo Software. Dec 31 Received annual reports from ToGo Software, net income for the year was $350.000 Of this amount LetsDo proportion is 35%. At year-end, the fair market values of LetsDo investment are Spot, $40.000; ToGo, $900.000.
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