9540S-029-60590050b" On January 1, 2020, Selus paid $20 million for a 40% investment in ABC Ltd. ABC reported a net income of $8 million and paid cash dividend of $2 million during 2020. 1. What method should Selus use to account for the investment in ABC? Brietly explain the method. 2. Journal the three transactions required for Selus (in millions, i.e. write 25 if it is 25 million, do not write 25,000,000) Accounts Debit Credit Investment in ABC Ltd. ABC Ltd. reported net income 1395 405-002960890026berg On January 1, 2020, Selus paid $20 million for a 40% investment in ABC Ltd, ABC reported a net income of 58 million and paid cash dividend of $2 million during 2020. 1. What method should Selus use to account for the investment in ABC? Brietly explain the method. 2. Journal the three transactions required for Selus (in millions, i.e. write 25 if it is 25 million, do not write 25,000,000) Accounts Debit Credit Investment in ABC Ltd. ABC Ltd. reported net income