8. Jones Inc. purchased 25% of Prince Inc. on January 2, 2020 for $10 million and did not elect the fair value option. During 2020, Prince had net income of $3,000,000 and paid total dividends of $1,600,000. The fair value of the Prince Inc. shares owned by Jones Inc. was $11,000,000 at 12/31/20. Based on the information above, the value of Prince Inc. on Jones' books at December 31, 2020 is:

a

a. $10,000,000

b. Debit to equity investments of $400,000

b. $10,350,000

c. Credit to investment revenue $750,000

c. $10,750,000

d. Debit to fair value adjustment $1,000,000

d. $11,000,000

9. The FASB/IFRS guidance for revenue recognition requires all but the following:

a. The identification of performance obligations

b. The allocation of price to performance obligations

c. A written contract

d. Determination of price