“Problem 1: On 1/1/2011 ACME Company purchased 400 of the 2000 shares of AJAX Company for $100,000. At this time AJAX had assets with a book value of $300,000 and liabilities with a book value of $200,000. Included in the assets is a patent with a 10 year life. This patent has a fair market value of $80,000 but a book value of only $20,000. Any remaining excess is attributable to goodwill. The following events happened to AJAX in 2011,2012,2013 and 2014 2011 AJAX declared and paid a $4 per share dividend. In 2011 AJAX reported income of $40,000 and on 12/31/2011 its stock was selling for $265 per share 2012 AJAX declared and paid a $3 per share dividend. In 2012 AJAX reported a loss of $10,000 and on 12/31/2012 its stock was selling for $222 per share 2013 AJAX did not declare or pay any dividends. In 2013, AJAX reported a profits of $60,000 and on 12/31/2013 its stock was selling for $238 per share. On 2/1/2014 ACME sold its investment in AJAX for $248 per share Required: A) Prepare all the necessary journal entries for ACME in 2011, 2012, 2013 and 2014 regarding its investment in AJAX if ACME has no significant influence over AJAX. B) Prepare all the necessary journal entries for ACME in 2011, 2012, 2013 and 2014 regarding its investment in AJAX if ACME has significant influence over AJAX. Additional Requirements Min Pages: 1 Level of Detail: Show all work”