Question content area top Part 1 The Firefly Company is preparing its annual financial statements and needs to identify all its related parties. Which of the following would be related parties of the Firefly Company?
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A company in which Firefly owns 100 shares, less than 1% of its stock
No A small investment
A shareholder who owns two shares of Firefly's stock
No Not a principal owner
A shareholder who owns 25% of Firefly's shares
Yes A principal owner
A company in which Firefly owns 40% of its stock
Yes Accounted for under the equity method
Firefly's pension trust fund
Yes For the benefit of employees
A member of Firefly's board of directors
Yes Management
Firefly's chief executive officer
Yes Management
The husband of Firefly's chief financial officer
Yes Management's immediate family
