A B 1 Formula: Subtract, Add, Multiply; Cell Referencing 5 3 Using Excel to Account For Equity and Cost Method Investments PROBLEM Ibrahim Inc., a public company, owns Bassel Ltd.'s common shares for strategic purposes. Ibrahim's investment's carrying amount and fair 7 value, and the profit earned and dividends paid by Bassel for the year ending December 31, 2024, Ibrahim's year end, are presented here. Ibrahim's ownership share of Bassel Ltd. Carrying amount at January 1, 2024 Profit reported by Bassel for 2024 Dividends paid by Bassel during 2024 Investment's fair value on December 31, 2024 25% $250,000 200,000 25,000 295,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. a. Assuming Ibrahim has significant influence over Bassel, indicate the amount reported on the statement of financial position for the investment at December 31, 2024 and the amount of income from this investment reported in the income statement. Statement of Financial Position Income Statement b. Assume instead that Ibrahim is a private company and reports the investment using cost. Indicate the amount reported on the statement of financial position for the investment at December 31 and the amount of income from this investment reported in the income Statement of Financial Position