3. ABC Corp. owns 35% of Craft Corp. During 20X1, Craft had net income of $500,000 and paid total dividends of $85,000. ABC mistakenly recorded these transactions using the fair value method rather than the equity method of accounting. No correcting entries were made. Craft Corp.'s income and dividends for 20X2 were properly accounted for in 20X2. Assets, 12/31/Year X1: [ Select ] Net Income, Year X1: [ Select ] Retained Earnings, 12/31/Year X1: [ Select ] Total Equity, 12/31/Year X1: [ Select ] Assets, 12/31/Year X2: [ Select ] Net Income, Year X2: [ Select ] Retained Earnings, 12/31/Year X2: [ Select ] Total Equity, 12/31/Year X2: [ Select ]2. ABC Corp. declared and did not make a journal entry for a 2-for-1 stock split at the end of 20X1. Assets, 12/31/Year X1: [ Select ] Net Income, Year X1: [ Select ] Retained Earnings, 12/31/Year X1: [ Select ] Total Equity, 12/31/Year X1: [ Select ] Assets, 12/31/Year X2: [ Select ] Net Income, Year X2: [ Select ] Retained Earnings, 12/31/Year X2: [ Select ] Total Equity, 12/31/Year X2: [ Select ]