Accounts Receivable Inventory (FIFO basis)) Land Buildings & Equipment Less: Accumulated Depreciation Patent Total Assets Liabilities & Equities Accounts Payable Bonds Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities & Equities 89,000 89,000 125,000 155,000 57,000 72,000 327,000 506,000 (246,000) $ 576,000 $ 22,000 164,000 139,000 12,000 239,000 $576,000 31,000 $719,000 $ 22,000 164,000 The estimated economic life of the patents held by Symbol is 4 years. The buildings and equipment are expected to last 6 more years on average. Symbol paid dividends of $12.000 during 20X2 and reported net income of $80,000 for the year. Required: Compute the amount of investment income (loss) reported by Peace from its investment in Symbol for 20X2 and the balance in the investment account on December 31, 20X2. assuming the equity method is used in accounting for the investment (If a loss occurs, enter the amount as a negative number.) Investment income (loss) S 31.400 Balance in the investment account operate as separate entities subsequent to the combination. Immediately prior to the combination, the book values and fair values of the companies' assets and liabilities were as follows: Assets Cash Receivables. Allowance for Bad Debts Inventory Land Buildings & Equipment Accumulated Depreciation Patent Total Assets Liabilities & Equity Current Payables Bonds Payable Common Stock Additional Paid-in Capital Retained Earnings Total Liabilities & Equity Photo Corporation Book Value Fair Value Shutter Company Book Value Fair Value $ 12,000 $ 12,000 $ 41,000 39,000 9,000 31,000 $ 9,000 30,000 (2,000) (1,000) 86,000 89,000 68,000 55,000 + 200,000 650,000 50,000 670,000 (220,000) $ 607,000 $ 29,000 100,000 72,000 70,000 500,000 40,000 $721,000 $ 29,000 100,000 I 960,000 (411,000) $ 741,000 $990,000 $ 38,000 $ 38,000 210,000 200,000 300,000 100,000 103,000 $ 741,000 200,000 130,000 148,000 $ 607,000 At the date of combination, Shutter owed Photo $6,000 plus accrued interest of $500 on a short-term note. Both companies have properly recorded these amounts. Required: a. Record the business combination on the books of Photo Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)