1. Equity Investment (50 marks) On January 1, 2020, New Technology Corporation invested in MSC Software (long-term equity method investment) for $619,000 to own 40% of MSC. New Technology completed the following investment transactions during the year 2020: Aug 17 Received cash dividend of $81,000 from MSC Software Dec 31 Received annual report from MSC Software. Net income for the year was $550,000. Of this amount, New Technology's proportion is 40%. Requirements: 1. Record the transactions in the journal of New Technology Corporation. Date Accounts Debit Credit January 1, 2020 August 17, 2020 December 31, 2020 Calculation: 2. What's the investment balance at December 31, 2020? Calculation: 3. If New Technology sold investment in MSC for $800,000 on this date, what would be the journal entry? Date Accounts Debit Credit December 31, 2020