Picture Company purchase 140% 0f Stuffy Corporation on January 1, 2011 for $150000. Stuffy Corporation's balance sheet at the time of acquisition was as follows:

During 2011, Stuffy (corporation reported net income of 530,000 and paid dividends of $9,000. The fair value of Stuffy's assets and liabilities were equal to their book values at the date of acquisition, with the exception of Building and Equipment, which had a fair value of 535,000 above book value. All buildings and equipment had a remaining useful life of five years at the time of the acquisition. The amount attributed to goodwill as a result of the acquisition is not unpaid.
Required:
1. Prepare the investment-related entries on Picture's books for 2011 under the complete equity method. What amount of investment income will Picture record during 2011 under the complete equity method?
2. Prepare the investment-related entries on Picture's books for 2011 under the cost method. What amount of dividend income will Picture record during 2011 under the cost method?
3. What will be the balance in the investment account on December 31, 2011 under the cost and complete equity method of accounting?

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Cash Accounts Receivable Inventory Land Buildings &Equipment Less: Acc. Depreciation Total Assets $30,000 Current Liabilities 120,000 80,000 150,000 Bonds Payable Common Stock Additional Paid in Capital $40,000 200,000 200,000 40,000 80,000 300,000 Retained Earnings (120,000) $560,000 Total Liabilities and Equities$560,000