. 1 Williams Company bought 30 percent ownership in Smith Box Company on January 1, 20X1, at underlying book value. During the period of January 1, 20X1, through December 31, 20X3, the market value of Williams' investment in Smith' stock increased by 51,500 each year. In 20X1, 20%2, and 20X3, Smith Box reported the following: Year Net Income | Dividends 20X1 3000 15000 20%2 12000 10000 20%3 20000 10000 The balance in Williams Company's investment account on December 31, 20%3, was $71,000. Required: In each of the following independent cases, determine the amount that Williams paid for its investment in Smith Box stock assuming that Williams accounted for its investment by carrying the investment at fair value, or using the equity method. Note: Use cells A2 to A12 from the given information to complete this question. Fair Value Equity Method Fair Value Method Investment in Smith Company 20X3 F Less: 20X1 Market value increase |/ 20X2 Market value increase | 20X%3 Market value Increase |7 Fair value at acquisition Equity Method 20%2 r 20X%3 r Increase in investment account 20X1 - 20X3 Investment in Smith Company 20X3 Investment in Smith at acquisition