Falcon Incorporated has the following transactions with Wildcat Corporation.
Transactions Falcon’s Related Account
1. Falcon purchases common stock of Wildcat. Investment
2. Falcon borrows from Wildcat by signing a note. Notes payable
3. Wildcat pays dividends to Falcon. Dividend revenue
4. Falcon provides services to Wildcat. Service revenue
5. Falcon pays interest to Wildcat on borrowing. Interest expense
Required: 1. For each transaction, indicate whether Falcon would classify the related account as an (a) asset, (b) liability, or (c) stockholders’ equity to be reported in the balance sheet; a (d) revenue or (e) expense to be reported in the income statement; or an (f) dividend to be reported in the statement of stockholders’ equity.
2. Classify the type of activity as financing, investing, or operating.
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