8. (14 points) Make journal entries for each of the following transactions, assuming Crane Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Hudson Company (a) Fair Value Method (b) Equity Method 1) At the beginning of Year 1, Crane bought 25% of Hudson's common stock at its book value. Total cost of all Hudson's common stock was $640,000 on this date. 2) During Year 1, Hudson reported $48,000 of net income and paid $24,000 of dividends. Hudson's shares' total fair value at Year 1 end was $1,120,000. (a) Fair Value Method (b) Equity Method 3) During Year 2, Hudson reported $24,000 of net income and paid $16,000 of dividends. Hudson's shares' total fair value at Year 2 end was $960,000. Indicate the followings (show computation): Year 2 ending balance in the Investment account; cumulative totals for Years 1, 2 for dividend revenue; 1, 2 for cumulative totals for Years investment revenue